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Ministers also agreed that once a single European banking supervisor had been set up next year, Spanish banks could be directly recapitalized from the euro zone rescue fund without requiring a state guarantee.
In the UK, the Bank of England's deputy governor, Paul Tucker, strongly denied suggestions on Monday that government ministers had pressured him to encourage banks to manipulate the London interbank offered rate (LIBOR) during the height of the financial crisis in 2008.
Tucker’s emotional testimony came before that of Barclays chairman, Marcus Agius, who will face questions from British lawmakers on Tuesday about what he knew about the scandal.
The departure of a third senior executive at Barclays in as many days was also announced on Monday. Martin Kelly, Barclays global head of financial control, will join Apollo Global Management as its next chief financial officer.
Aluminum giant Alcoa kicked off earnings season in the U.S. with second quarter revenue and profit that beat expectations despite aluminum prices sitting near two-year lows.
Earnings ex-items were 6 cents per share versus forecasts of 5 cents per share. Revenue stood at $6 billion for the quarter versus expectations of $5.8 billion.
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