European Central Bank Vice President Vitor Constancio Friday rejected suggestions that stress tests of European Union banks had not been stringent enough. Earlier Friday, the Committee of European Banking Supervisors said 7 of 91 banks tested had failed the tests and needed a total of E3.5 billion in additional capital. Some market participants have criticised the tests, saying they need to price in European sovereign debt defaults. The stress tests are "severe, rigorous and very comprehensive," Constancio told reporters at a press conference after the release of the results. "They show the resilience of the EU ... (full story)