IMF

A member of the US Federal Reserve has called for Wall Street's financial giants to be broken up to avoid another financial crisis.

The International Monetary Fund has revised its global growth forecast upwards to 4.4%, as the UK is expected to report a slowdown in its recovery later this morning.

Germany, the strongest country in the eurozone, has vetoed any increase in the €440bn rescue package.

The Irish government has announced plans to save €15bn over the next few years to tackle the country's debt crisis.

Ireland became the second country this year to accept billions in EU funding after last night conceding its banking and budget crisis was too big to handle on its own.

As Ireland prepares to accept a rumoured €80bn euro European Union and IMF bailout to pull it from the mire of its financial crisis, fund managers consider what the contagion effect may be on the banking sector in the UK and Europe.

A team of EU and IMF inspectors will arrive in Ireland today to take a closer look at the nation's banking system and prepare for a possible €80bn bailout.

Government austerity measures may have to be rethought if the recovery slows, the International Monetary Fund (IMF) has warned.

Dominique Strauss-Kahn, the head of the International Monetary Fund, has warned global currency disputes are a "real threat" to the economic recovery.

The global economy will grow at a slower pace than previously predicted next year, the IMF warns.