Europe to call on Japan, U.S. to consolidate public finances

MOSCOW (Reuters) - The European Union will urge the United States and Japan on Friday to consolidate public finances over the medium term to remove what it believes is one of the main risks to the global economy now.

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.