Youth unemployment in Spain has reached a new high of 56.1%, a quarter of the 3.5 million under-25s jobless across the eurozone, according to the latest Eurostat figures.
The European commission is to unveil controversial draft legislation on a European resolution authority charged with deciding the fate of troubled eurozone banks.
Britain will grow faster this year than previously expected according to the International Monetary Fund (IMF), in the first major upgrade of the UK's economic outlook for almost three years.
Angela Merkel has expressed "contempt" for the disgraced Anglo Irish Bank executives caught on tape mocking Germany's involvement in the institution's €30bn (£25.7bn) bailout.
Ten years ago this week, it was euro crunch time for Britain. Gordon Brown had promised an assessment of whether the UK met his five tests for entry into the single currency within two years of the 2001 election. He met the deadline almost to the day.
Another month, another dismal set of jobless figures from the eurozone.
The outgoing governor of the Bank of England has called on the British people not to "demonise" bankers for the financial crisis.
The eurozone's private sector shrank for the 15th consecutive month in April – suggesting the single currency area will fall deeper into recession this quarter.
The eurozone's recession will be even deeper than previously feared this year, the European commission has warned, as it slashed its outlook for crisis-stricken Cyprus and downgraded the prospects of the bloc's biggest economies.
The age of austerity caught up with the European Union on Friday when a gruelling nonstop 26-hour negotiation resulted in agreement to slash the new seven-year EU budget by 3.3%, or €32bn, the first reduced budget in the union's history.
David Cameron is to tell the president of the European council in Brussels that a compromise plan for the EU budget is unacceptable because it includes drastic cuts to Britain's multibillion pound rebate.