When the European Central Bank unleashed a stimulus barrage in June, it cautioned the economy would take some time to respond. Data due this week may test its patience.

The Austrian government is beginning talks with the nation’s banks to gain their support for winding down nationalised Hypo Alpe-Adria-Bank International in a way that keeps it off the state’s books.

EUROPEAN leaders may struggle to maintain the euphoria that drove the euro to its biggest one-day gain in more than a year as scrutiny deepens on their latest attempt to stem the region’s turmoil.