The need for a coordinated approach was highlighted by Ireland's move to insure deposits at six domestic banks, The New York Times (NYSE:NYT) reported Tuesday. The move sparked similar responses in Britain, Germany, Denmark, Sweden, Greece and Austria.

The Netherlands has asked that each country's solutions to the banking crisis not provoke cross-border competition, the Times reported.

"One country on its own can't solve the problem," Irish Finance Minister Brian Lenihan said.

But the lack of a unified approach led some to believe the European Central Bank would have to cut interest rates in hopes increased liquidity would restore calm to Europe's banks.

"We've seen both at the national level and more importantly at the international level, that there's no strategy," said Richard Portes of the Center for Economic Policy Research in London.

"It reflects the underlying fact that individual governments don't have a clear sense of where to go," he said.