The credibility of Europe’s efforts to restore confidence in its financial system hangs in the balance as lawmakers try to broker a deal on a bank-failure authority for the 18-nation eurozone.

Ireland should make more use of the European Investment Bank in the battle to get more credit flowing to private enterprise and the SME sector, in particular, according to Department of Finance chief John Moran.

The European Central Bank is expected to increase interest rates today for the fifth time in less than a year.

The European Central Bank left its key refinancing rate unchanged at 2% today.