Eurozone must push ahead with banking union or risk recovery, says IMF

Eurozone countries must implement a planned banking union in full as backsliding could throw the economy into a tailspin, an International Monetary Fund staff paper has concluded.

Euro-Area Economy Shrinks Most Since Depths of Recession

The euro-area recession deepened more than economists forecast with the worst performance in almost four years as its three biggest economies suffered slumping output.

France to miss 2013 deficit goal: foreign minister

PARIS: France will probably miss its goal to cut the public deficit to 3 per cent of economic output this year, Foreign Minister Laurent Fabius said on Wednesday, the first government official to admit that analysts' doubts are valid.

ECB's Draghi: Spain is 'on the right track'

MADRID (AP) — Spain has succeeded in stabilizing a banking system that almost collapsed last year and is well-positioned for better economic times going forward, European Central Bank President Mario Draghi said Tuesday.

French official industrial output slumps 2.2% in 2012

PARIS: French industrial production fell by 2.2 percent in 2012 from the level of output in 2011, the national statistics institute INSEE told AFP on Monday.