Finance ministers from the G7 approved policies that led to a stronger US dollar and the yen to plunge over the weekend, as economic strategy and European banking union talks stalled.
The latest available business indicators suggest the UK economy may be driven upward in the second quarter not only by its robust services sector, but also by strengthened activity in manufacturing and construction industries.
Britain has experienced modest relief this week. The economy expanded 0.3% in the first quarter and the burden of public sector borrowing eased in the 2012-13 fiscal year. Still, there is little room for optimism.
Mark Carney, the current Bank of Canada governor, arrives in London in July to replace retiring Governor Mervyn King to become the first foreigner to occupy the highest seat at the BoE. Despite much hope for change, Carney may face tough challenges at the beginning of his tenure.
Prolonged fiscal cuts, both domestic and European, as well as persistently higher inflation and weak growth, are set to keep Britain in a prolonged period of stagflation, as a new study undermines austerity measures.
Bank of England's Monetary Policy Committee policymaker David Miles says Britain still needs a "very, very expansionary monetary policy" in order to recover from its economic slump and slow recovery.
After being hit hard by a deep recession caused by reform backlogs, EU member Slovenia is on the verge of a severe banking crisis.
The UK GDP final estimate confirmed on Wednesday that the economy remained fragile at the end of last year, with weaker macroeconomic data fuelling concerns of a triple-dip recession.
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