ECB covered bond buying plan starts with a whimper

(Reuters) - The European Central Bank spent 1.704 billion euros last week on covered bonds under a new purchase program with which it hopes to foster lending to businesses and thereby support the euro zone economy.

Twenty-four European banks fail financial stress tests

One in five European banks have failed crucial tests of their financial strength, leaving a €25bn (£19.6bn) capital hole in the continent’s banking system at a time of renewed fears that the five-year long eurozone crisis may be flaring up again.

The EU budget: who pays what?

The joint budget of the 27 members of the European Union is 129 billion euros ($165 billion) this year. It is used to subsidize the European agricultural sector, structural and regional aid, and programs in the fields of science, research and culture as well as some industries.

Stagnating euro zone seeks German shift

BRUSSELS (Reuters) - France and Italy sought on Friday to bridge stark differences with Germany over how to avert economic stagnation and deflation, but Chancellor Angela Merkel warned her peers against repeating the euro zone's debt crisis.

Euro zone risks 'relapse into recession' without structural reforms: Draghi

BRUSSELS (Reuters) - The ECB's president warned divided euro zone leaders on Friday they risked "a relapse into recession" if they failed to press ahead with structural economic reforms, a message welcomed by German Chancellor Angela Merkel.