German Finance Minister Wolfgang Schaeuble has squared off with the European Central Bank over the pace of pooling bank levies in a euro-area resolution fund, potentially slowing the proposal’s progress into law.

The European Union and the International Monetary Fund pledged nearly one trillion US dollars to defend the embattled euro, hoping to turn back relentless attacks on the eurozone’s weakest nations and allow the continent to resume its hesitant economic recovery.

CAN things get any worse for the European Union as it heads into 2006? It most certainly can but there are signs that people are trying to get the show back on the road after the annus horribilus that was 2005.

Hundreds of protesters hurled fire-bombs and stones at police today as they tried to reach the conference centre where Nato leaders were meeting in Istanbul.