"The U.S. situation is fragile: The stock market feels good, the short-run outlook is reasonably good, but it is fragile in that it depends on consistent and big imports of foreign capital, " Volcker says.

FORBES: The Panic Spreads

Unfortunately, without rigorous testing and accurate results with the aim of truly finding out how much stress the banking system can handle and adapting accordingly, these tests may not soothe in the short-term, but more likely leave markets extremely fragile when the next real-life test is had.

FORBES: Euro Higher As Stress Over Bank Tests Fades