It wasn’t long ago that both Greece and the euro zone declared a reforms-for-funds deal had to be struck at a euro zone ministerial meeting in Riga on Friday to avert disaster.
Currency concerns in the central banking world have come to the fore again.
Sweden cut interest rates further into negative territory out of the blue last week, fearing its strong currency will engender deflation. The Swiss National Bank said it would aim to weaken what it sees as a "significantly overvalued" franc. And the Bank of England flagged the risk that sterling could strengthen further and leave inflation below target for longer.
With a deep recession looming and the nose-diving rouble poised to push inflation through the roof, Russia’s Vladimir Putin faces the music at his end-of-year news conference when he will field questions from a studio audience as well as television viewers.
After Germany's foreign minister saw "no reason for optimism" after talks in Moscow on Tuesday, today Hungary’s Peter Szijjarto meets Russian Foreign Minister Sergei Lavrov. Violence is on the rise again in eastern Ukraine and tougher sanctions against Russia remain a live possibility although EU foreign ministers limited themselves to targeting a few more Ukrainian separatists earlier this week.
After euro zone inflation ticked up for the first time in many months and the latest PMI surveys showed factory activity expanded only very slightly last month, today the European Commission publishes its autumn economic forecasts.
Euro zone inflation – due at 0900 GMT - is forecast to hold at a paltry 0.7 percent in May, in what European Central Bank President Mario Draghi has labelled the danger zone below 1.0 percent for the eighth successive month.