Stubb said debt-ridden countries like Spain and Italy were taking the necessary steps to reform but reiterated the ECB's message of conditionality in exchange for aid.
"After news that Cyprus is selling its gold, there's speculation that other debt-ridden countries might sell theirs, " said Joyce Liu, an investment analyst at Phillip Futures in Singapore.
Taxing depositors is seen by the market as a radical change from the usual practice, and doing so would give depositors in other debt-ridden countries an incentive to shift their money to banks in other countries, most likely Germany.
The downward spiral began last week with rumors that Cyprus would sell its miniscule reserves to raise cash, and that other debt-ridden European countries would be forced to do the same.