European Commission finance chief Valdis Dombrovskis urged euro-area member states to observe budgetary restraint, pushing back against a proposal from Italy and Greece to introduce additional leeway.

Nominations to succeed European Central Bank official Isabel Schnabel must be submitted by the end of the month as President Christine Lagarde’s future there remains shrouded in mystery.

Germany more than doubled its growth forecast for this year after a stronger-than-expected first half, as robust exports and a surge in government spending outweighed weak consumer activity.