Sharply higher interest rates around the world could combine with weaker growth in emerging markets to slice as much as two percentage points off global growth in the next five years, the International Monetary Fund said on Tuesday.
Euro-zone finance ministers have agreed on a long-awaited pact on how to deal with failing banks in the region. It aims to create a 55bn euro fund - financed by the banking industry, over the next 10 years. The fund would be backed by a new agency, which will decide on how to deal with failing banks.
German Finance Minister Wolfgang Schaeuble rejected on Monday a European Commission plan to give the European Central Bank sweeping powers to monitor all Euro zone banks, saying it should instead focus only on systemically important institutions.