ECB president Mario Draghi has not shut the door on agreeing to help ease the burden of the €31bn Anglo Irish Bank promissory note bill.

Countries must persevere in their structural changes and deficit reduction, but they also need a growth compact now and must plan for economic union in the next 10 or 15 years, ECB president Mario Draghi has said.

Next year’s EU budget of €138bn includes an increase of 6.8% because of the massive, last-minute bills it is receiving from member states for spending on areas such as agriculture, research and other EU policies.

Labour costs in Ireland have fallen for the third year in a row, bringing costs to employers into line with the EU average for the first time in years.

Markets calmed yesterday as investors’ concerns eased a little about the uncertainties created by potential changes in the French and Dutch governments.

Diesel exemption from carbon tax upheld

The concept of free water is not understood in other EU states, yet Ireland was able to remain outside of the common practice despite its water standard infringements, writes Europe correspondent Ann Cahill

Ryanair staff costs may increase dramatically after the airline heard it will be forced to pay social welfare contributions for employees at bases around Europe.

Borrowing money from the EU’s loan fund to replace the €31bn Anglo promissory notes will require amending the country’s bailout programme and could be seen as a second bailout, officials have confirmed.

A regime to force bank bondholders and shareholders rather than taxpayers to take losses in failing banks has been discussed by EU finance ministers.