for banks vulnerable to losses on euro-area government bonds.

"The overarching goal of the exercise is to foster confidence in the European banking sector," said European Council president Herman Van Rompuy.

Banks would be required to sharply increase core capital levels to 9% to create a buffer against potential losses.

Based on market rates in September, banks will need to raise a total of €106 billion to meet the new targets, according to the European Banking Authority.

That compares with estimates from the International Monetary Fund and private sector economists that ranged between €100 and €300 billion.

The banks would have until the end of June 2012 to meet those new requirements, according to a statement.

José Barroso, president of the European Commission, said the technical work needed to complete the measures will beNews

Department of Foreign Affairs and Trade Secretary to discuss Australia's place in the world

By Emily Jones

18 September 2012

"Dennis Richardson, The Secretary of the Department of Foreign Affairs and Trade"

The Secretary of the Department of Foreign Affairs and Trade, Dennis Richardson, will deliver an assessment of Australia's changing role within a new global order in an upcoming lecture entitled 'Australia and the World'.

The former heard of ASIO and former ambassador to the United States will draw upon his notable experience in international security at the annual Michael Hintze Lecture in International Security on Wednesday 19 September at 6pm.

Mr Richardson, the incoming Secretary of the Department of Defence, will comment on the shifting of global power relations towards the Asia-Pacific region, and the potential challenges and opportunities this change presents