VIENNA (AP) — The head of Austria's National Bank has criticized the European Banking Authority for demanding that banks in Europe raise their capital buffers quickly.

Ewald Nowotny says telling banks that they have to raise their core capital — a measure of how much good capital a bank holds compared with its risky investments — to 9 percent is "not a very fortunate move."

He adds that there will be negative knock–on effects on the banks' abilities to lend, including to many cash–strapped governments.

Raiffeisen Bank International head Herbert Stepic was even blunter Tuesday. He says it's "stupidity" to issue such demands just as markets are recovering from the financial crisis.

The two spoke at a conference focusing on the eurozone debt crisis.