The International Monetary Fund warned that Europe's banks remain insufficiently funded, a day before officials release details about how well the banks can withstand financial shocks.

It is "critically important to put in place and immediately publicise credible plans" to deal with failing banks, the IMF said. The comments are made in a paper prepared for a meeting of deputy ministers from the Group of 20 industrialised and developing nations last week. The paper was published by the IMF Thursday.