Deutsche Bundesbank President Axel Weber, until recently the most likely man to take over the European Central Bank from Jean-Claude Trichet, is to step down from his duties April 30, the German government said.
VTB Group has bucked a trend of recent failed Russian initial public offerings, with the Russian government raising $3.3 billion by selling shares to investors, according to a banker involved in the deal.
Portugal faces a fresh test of its ability to raise cash after a weak post-sale performance of a major bond issue, together with confusion about rules for any future bailouts of euro-zone members, pushed its benchmark 10-year yield to a euro-era high.
Greece's international lenders of last resort said the country has made enough progress to receive an additional $20.4 billion aid tranche but needs to accelerate economic changes and commit large-scale privatizations.
Moody's Investors Service cut its ratings on senior debt issued by six Irish banks that is not guaranteed by the Irish government, saying that recent statements cast doubt on the government's willingness to support the banks.
As we reported on Thursday, most Members of the European Parliament would prefer to scrap their expensive second home in Strasbourg. On Friday, France fought back, reminding parliamentarians that, in this case, the EU is a continent ruled by laws, not men.
Pressure on Poland's ruling Civic Platform rises as a growing number of liberals voice discontent with the party's track record. In the latest twist, a prominent journalist, who in 2007 cheered Civic Platform's victory and the ousting of conservative Jaroslaw Kaczynski from power, said Thursday he's had enough and won't vote for the ruling party again this year.