Both banks agree that full-scale merger is not the right strategy so long as huge differences remain in Europe's tax and company laws.

ECONOMIST: British banking

For America will come up with the money only if its fellow-members agree to a new scale of assessment under which the Americans will regularly contribute rather less than they did and a handful of other countries rather more.

ECONOMIST: Saddam defies the UN, again

There are very credible voices who agree with the government's position - that the markets need to be reassured by signalling the scale of cuts the government expects to deliver over five years, and by beginning these cuts now.

BBC: Budget: Osborne package will test coalition strength