The European Central Bank has ruled out the possibility that Brexit could pose a major threat to the euro area economy, rejecting warnings from the Bank of England that a messy UK withdrawal could leave EU companies without vital services, the Financial Times reported. Vitor Constâncio, the ECB’s vice-president, said on Thursday that Brexit could “really not harm significantly the ongoing recovery in the euro area” and that financial firms were already adapting by relocating activities to Europe.

Irish airline Ryanair is ready to deploy up to 30 planes in Italy to replace capacity lost if Alitalia collapses or is restructured but does not want to buy the struggling Italian carrier, Chief Executive Michael O'Leary said on Tuesday. Ryanair's view mirrors the stance of rival easyJet and British Airways owner International Airlines Group(IAG), which have both said they are interested in replacing Alitalia capacity but say they do not want to buy the airline.

In the eurozone, sometimes everything old is new again. Witness how an idea for creating safe eurozone bonds devised in the heat of the sovereign crisis six years ago is reappearing as a solution to a very different problem, The Wall Street Journal reported in a commentary. That’s right: ESBies are making a comeback. In 2011, a team of economists proposed the idea of European Safe Bonds as a replacement for German Bunds and safe-haven investment in the eurozone. The concept is similar to an asset-backed security.

Eurozone finance ministers and the International Monetary Fund are exploring a compromise plan for Greece’s bailout that would provide much-needed funds this summer while delaying sensitive talks on debt relief, the Financial Times reported. Diplomats said the proposal, put forward by the IMF, would involve the fund taking a formal decision to join Greece’s bailout with the proviso it would not provide any money until the euro area gives further details on how it is prepared to ease Athens’ debts.

Portugal’s recovery from the eurozone’s debt crisis reached a milestone on Monday as the EU said the country, which needed an international bailout, was no longer in breach of the bloc’s budget rules, the Financial Times reported. Brussels’ verdict underlines Portugal’s turnround after its rescue by eurozone governments and the International Monetary Fund in 2011 and reflects the improving economic environment for the single currency area, where growth has picked up and unemployment is at an eight-year low.

There were sighs of relief in Germany when France elected Emmanuel Macron as president, but his victory also triggered a debate over his reform plans for the eurozone, the Financial Times reported. His critics claim that President Macron wishes to turn the currency union into a transfer union that is against Germany’s interests. His supporters are calling on Germany to back Mr Macron or face the possibility of a victory for Marine Le Pen in the next presidential election. Both positions are unreasonable. Mr Macron should be given time to develop his proposals for eurozone reform.

Greece’s creditors failed to reach a deal on debt relief during seven hours of talks on Monday night, leaving the eurozone locked in a race to finish negotiations before Athens faces crippling debt repayments in July, the Financial Times reported. Talks in the Eurogroup broke down as Germany, Greece and the International Monetary sparred over the next stages of Greece’s €86bn bailout, and notably over how to ease the country’s debts once its rescue programme expires in 2018.

Ireland’s central bank has become the latest regulator to call for greater scrutiny of how the $4tn exchange traded fund industry works and whether existing guidelines are adequate in light of the industry’s astronomical growth, the Financial Times reported. The Central Bank of Ireland, which oversees financial regulation, wants greater clarification on issues such as ownership and pricing, according to a discussion paper that flagged potential pitfalls in the way the instruments operate.

Italy’s plan for an 8.8 billion-euro ($9.8 billion) bailout of Banca Monte dei Paschi di Siena SpA faces resistance from the European Central Bank, which is concerned the lender may struggle to maintain capital buffers as it tries to get back on its feet, according to people with knowledge of the matter.

Greece’s parliament has narrowly approved an omnibus reform package needed to unlock more than €6bn of bailout aid and open the way for the country’s international creditors to reach a deal on debt relief, the Financial Times reported. Lawmakers from the governing left-wing Syriza party and its coalition partner, the right-wing Independent Greeks, backed the bill in a late-night vote on Thursday.