It is "not normal" that both sides of the Atlantic do not have the same set of rules, says Jean-Claude Trichet, former ECB president, commenting on the BNP Paribas fine.» Read More
Greece is unable to repay its debts, according to Richard Bove, banking analyst at Rochdale Securities, and given that the euro zone banking system has yet to mark sovereign debt holdings to market, many banks will be forced to raise new capital.
CNBC's Michelle Caruso-Cabrera has the details on the ECB confirming the resignation of hawkish board member Juergen Stark.
Currency intervention gains steam, economic reports lose it - it's time for your FX fix.
The euro is nothing more than an economic mirage because it lacks the essential building blocks of a long-term secure currency, according to Tim Martin, chairman of UK pub restaurant chain JD Wetherspoon.
The boss of the Greek debt office (PDMA) has told CNBC that Friday is not the deadline for the debt swap plan.
Markets Friday will debate the merits of President Obama's $447 billion jobs package and monitor G-7 finance ministers, who meet in France against a backdrop of weaker global growth and fears of financial contagion from Europe.
A look at today's European markets close, with CNBC's Mandy Drury.
The Greek tragedy in several acts would appear to be approaching a climactic moment. The warnings coming out of Berlin all week have been hard to ignore: "Greece either puts up or shoves off" would seem to be the blunt message being offered.
The European Union should appoint a new budget tsar with powers to dictate taxes and spending in euro zone countries and who could ultimately adjudicate whether countries should be kicked out of the euro, the Dutch prime minister has argued in the Financial Times.
Markets will be watching three major policy speeches Thursday, including President Obama and Fed Chairman Bernanke, but the speaker that may be most dramatic may be out of Europe.
"The ECB may be doing limited [bond] buying at the margins, but it is not sending the right messages. The only voice of reason out there - I am a dove on this - is the IMF, which says the ECB needs not only to let up this hawkish severe austerity message, but to also provide a lot more support for Italy, and for the rest of the Euro Zone," Roman Scott, managing director of Calamander Capital, told CNBC.
Italy's largest trade union has called a national strike for tomorrow and Jean-Claude Trichet will announce the ECB rate decision on Thursday. Those are two of the big events happening around the world this week, with CNBC's Simon Hobbs. And the Asian market open with CNBC's Matthew Taylor in Australia. Also, wildfires and floods hit the area around the Gulf and could have an impact on oil and natural gas prices. And the Post Office may not be able to pay its bills later this year.
CNBC's Kaori Enjoji looks at the Asian market open the day after Europe's markets collapsed. And Simon Hobbs offers a roundup of the concerns engulfing Europe. Steve Sedgwick, CNBC Europe, discusses Italy's austerity plan. Also, the Fast Money trade on the European situation, with Joe Terranova, Virtus Investment Partners.
European shares fell sharply on Monday amid renewed fears over the euro zone debt crisis and a warning from Deutsche Bank’s CEO on the outlook for banks.
The man who ran Germany when the euro began trading has an idea to save the euro zone: the creation of a "United States of Europe."
The Italian government is still wrangling over how best to balance its budget, losing credibility with key leaders and opinion formers.
The world will still be "paying the piper" for several more years because of the debts that mounted before the global financial crisis, Arnab Das, managing director of Market Research and strategy, at Roubini Global Economics told CNBC.
International Monetary Fund staff have provoked a fierce dispute with eurozone authorities by circulating estimates showing serious damage to European banks’ balance sheets from their holdings of troubled eurozone sovereign debt. the FT reports.
"Inflation fears at the start of the year were always something I was skeptical about and which I always thought were overdone," Bob Parker, senior advisor at Credit Suisse, told CNBC. However, he added he was concerned that inflation could become an issue in 2013.
Some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, according to the body that sets their accounting rules in a letter seen by the FT.