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DUBLIN Europe is still some way from severing the vicious link between troubled banks and states despite a landmark deal anointing the European Central Bank as supervisor-in-chief. Persuading national governments to cede responsibility for their biggest lenders to Frankfurt was a major first step towards banking union but it was arguably the easiest bit. Getting agreement on sharing the burden when one of those banks goes belly-up, the key component of a euro zone firewall, could take years yet to be agreed, with German elections late next year likely to rule out any meaningful discussion of bold policy moves beforehand. [...]

LONDON Europe’s banks expect two rule-making meetings next week to help to lift some of the regulatory fog dogging a sector that faces a year-long delay to the implementation of tougher banking standards. European Union lawmakers and member states meet on Tuesday and Thursday to hammer out a deal that would enshrine the stricter global rules on capital and liquidity in European law. These rules, known as Basel III, are the world’s regulatory response to making banks less risky, forcing them to hold more capital after many were bailed out by taxpayers in the 2007-09 crisis. The Basel Committee, which [...]

A Chinese consumer browses the Burberry flagship store in Beijing. CNN’s Jim Boulden writes he hardly hears positive stories about China’s influence in EuropeEurope’s and China’s economies are intertwinedA change of leadership in Beijing will not have much impact in EuropeLondon — When I was driving through Poland last year, all the talk was about a Chinese company’s failure to complete a major motorway project. The contract was wrestled away from the Chinese and the Poles finished it themselves.The details, denials and counter-claims aren’t important for this article; far more interesting is the impact of any China-led project in Europe. [...]

MEXICO CITY Finance chiefs of the world’s leading economies are ringing alarm bells over the U.S. fiscal cliff and Europe’s debt woes at a meeting in Mexico this weekend as they look to push back deficit reduction targets to help boost growth. Unless a fractious U.S. Congress can reach a deal, about $ 600 billion in government spending cuts and higher taxes are set to kick in on January 1, threatening to push the American economy back into recession and hit world growth. But with the U.S. presidential election looming on Tuesday, dealing with the fiscal cliff has been delayed. [...]

MEXICO CITY Finance chiefs of the world’s 20 leading economies are ringing alarm bells over the U.S. fiscal cliff and Europe’s debt woes at a meeting in Mexico this weekend as they look to push back deficit reduction targets to help boost growth. Unless a fractious U.S. Congress can reach a deal, about $ 600 billion in government spending cuts and higher taxes are set to kick in on January 1, threatening to push the American economy back into recession and hit world growth. But with the U.S. presidential election looming on Tuesday, dealing with the fiscal cliff has been [...]

LONDON A stark warning from the IMF about the global growth outlook and the prospects for Spain and Greece sent European stocks and the single currency lower on Tuesday, while oil rose on escalating tensions in the Middle East. The gloomy IMF report came as riskier asset markets like equities are on the hunt for signs of improving economic activity after prices rose sharply last month when the world’s major central banks eased policy aggressively. The weaker outlook from the IMF and its potential to affect corporate earnings sent the FTSEurofirst 300 index <.FTEU3> of top European shares down 0.2 [...]

The latest figures out of Europe show that the region is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro. Eurostat, Europe’s statistics agency, revealed that the economies of both the eurozone and the European Union, which has 27 countries, shrank by a quarterly rate of 0.2 percent in the second quarter of the year. In the first quarter, output for both regions was flat. Europe’s stumbling economy is making it harder for other economies around the world to recover and policymakers are urging more decisive action to deal with [...]

Westfield’s Stratford center opened in September last yearThe company has total assets under management of $ 57 billion It has 110 shopping centers around the world and employs over 4,000 peopleWestfield was founded in 1960 in Australia by WWII refugee Frank Lowy Stratford, in east London, is the gateway to London’s 2012 Olympics. And those taking public transport to the Games are likely to wander through Westfield Stratford City.Westfield expects 35 million visitors a year to its Stratford mall, which it opened last September. But with the Games on its doorstep, that figure is getting a huge boost. During the [...]

Click to watch videoEditor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, CNN contributor and Millennial David Lloyd, with Jos van der Bij, a Dutch student doing an internship in London, write on the risks of mass unemployment. –  Youth unemployment in the 1930s destabilized Germany and radicalized a resentful youth, propelling support for extremist parties.The consequences are well known. Now, with European unemployment rising, we should be drawing on lessons from the past. It is nothing short of a tragedy [...]

STORY HIGHLIGHTS Since Euro 2012, little-known Ukrainian “capital of culture” Lviv put back on map City boasts architecture from renaissance and baroque eras, built during wealthy past After 50 years of Soviet rule, Lviv fell into relative obscurity, but strong education system reviving fortunes Editor’s note: Each month Eye On takes you to a different country, highlighting influence and innovation. We showcase interesting places and intelligent people who have the potential to change our world. Lviv, Ukraine — What European city has fallen under the rule of the Polish Empire, the Hapsburgs, the Soviets and the Nazis? Here’s a clue: [...]