"I think we all realize, for example, nonperforming loans are an issue in some banks in our country, but over the broad range of our banks a lot of work has been done and a lot of new capital has been brought in and the capital is of a higher standard and quality than some years ago. So we are in a much better position."
Meanwhile, Pierre Moscovici, the commissioner for Economic and Financial Affairs, Taxation and Customs, said the banking sector was "more solid than it used to be" due to the creation of the European banking union, designed to integrate the region's banking sector and strengthen it to help prevent future crises.
"Because we have built the banking union, we know exactly what the situation of the banks is…We are not in the situation that we were in a few years ago," he told CNBC on Thursday.
Moscovici said he didn't want to comment about the psychology of the markets and that the commission was "concerned with this volatility but our message is clear, the fundamentals as well as the real economy and the financial economy of the banking sector are solid enough."
He added that if the sector faced what he called a "delicate situation," Europe had"the means" to address that and said that the stress testing of European banks carried out by the European Central Bank, called the asset quality review, had demonstrated the general strength of the region's banks.
"Overall the asset quality review, the stress tests, show obviously the solidity of the banking sector is much higher than it used to be so, of course, we will be cautious about any kind of risk but we must also keep a cool (head) and face the reality as it is," he said, insisting that the euro zone was not entering another crisis.
"No, we are not in the situation we were in a few years ago. No we are not back there. So we won't be back there because we got all the tools to address any kind of situation now in euro zone."
Follow CNBC International on Twitter and Facebook.