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Mastercard lost a challenge to an EU ban on its cross-border card fees in a ruling that puts rival Visa Europe squarely in the sights of the European regulators over its charges.

Ahead of yesterday's EU summit, Swedish Prime Minister Fredrik Reinfeldt criticised both the 'project bonds' and the 'Eurobonds' that were put forward as a way to relaunch the European economy.

European leaders will discuss plans for deeper economic integration in the euro zone at their next meeting in June, after an inconclusive summit yesterday (23 May) saw open divergences between France and Germany over ways to kick-start the EU's sluggish economy.

Although tonight's EU summit is about growth, not Greece, the fate of the eurozone’s most troubled member will definitely be on the menu of the leaders' dinner. 

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