How we can all be Minted
16.15 Economist Jim O'Neill has revealed how the UK can share in the success of emerging markets.
As our Prime Minister now seems to realise, you have to listen to what these countries think their problems really are rather then simply telling them what you think.
UK will see low rates for a while
15.58 Spencer Dale, a member of the Bank of England's Monetary Policy Committee, has said that the central bank will not raise interest rates until Britain has enjoyed a "prolonged period of strong growth.
Abstracting from the details of thresholds and knockouts, our message to you – the businessmen and women driving this recovery – is clear. You can plan for the future in the knowledge that the MPC intends to keep interest rates low until we have seen a prolonged period of strong growth, unemployment is significantly lower, real incomes are higher.
Chinese leaders: Economy faces 'downward pressure'
15.29 Chinese leaders have warned that the world's second-largest economy faces "downward pressure" and have called for boldness in carrying out promised reforms aimed at reviving slowing growth.
In a report issued after an annual planning meeting, the Communist Party cited an array of problems, including a glut of unneeded production capacity in some industries, environmental degradation and concerns about the quality of food and drugs.
We must clearly recognize there is downward pressure on the economy," the statement said. "The thoughts should be bold and the steps should be firm in carrying out reforms and the people should have real benefits.
There was no immediate word on whether the meeting set a growth target for next year. Investors and analysts were watching to see whether the party would cut its target from this year's 7.5pc.
Carney warns of threat from shadow banking in emerging markets
15.06 The Bank of England Governor has said he sees a threat to global financial stability from huge amount of assets in informal banking sector in emerging markets
For Mr Carney, "the biggest risks at the moment are in the parallel banking sectors in the emerging markets".
Reforms are required not only in developed countries but also in emerging countries," he said during a conference organised by the French economy and finance ministry.
As regulators tighten rules on the banking sector to avoid a repeat of the 2008 world financial crisis, massive amounts of assets have shifted to the so-called shadow banking sector.
The sector, estimated to be worth $67 trillion in 2011, includes hedge funds and finance companies or securities entities that provide credit or credit guarantees without being regulated like a bank.
BoE Mark Carney
Spanish bank debt to ECB hits new low
14.53 Over to Spain for some good(ish) news.
Debt owed by Spanish banks to the European Central Bank fell again in November to its lowest level since February 2012.
Net debt to the ECB totalled €220.5bn last month, a 35.3pc drop from the level 12 months ago, the central bank said, a sign that Spanish banks were finding it easier to raise funds on the debt market.
It was the lowest amount since February 2012 but the amount is still almost double the €118.9bn owed at the end of 2011.
Ireland leaves its bailout behind
14.38 Three years after going cap in hand to international lenders to avert bankruptcy, Ireland has officially ended its bailout in a landmark for the eurozone's efforts to resolve its debt crisis.
The country has cut spending and raised taxes to rebalance the economy since seeking emergency help from the European Union and International Monetary Fund, meeting every major target under the €85bn.
The country of 4.6 million is funded into 2015 thanks to debt issuance over the last 18 months.
Ireland is so confident of its position that it has exited its bailout without a precautionary credit line.
It is showing the way to Greece, Portugal and Cyprus - which have also had sovereign bailouts - and Spain, which has had help for its banking system.
With more than €22bn of cash in hand, almost twice the amount initially envisaged by its lenders, Ireland has insulation against market shocks and the economy is forecast to grow by about 2pc next year, Reuters reports.
Ireland's unemployment hit a peak of 15.1pc in 2012 but has since fallen back to 13pc.
In a sign of European admiration for Ireland's efforts, Noonan received an award from the German-Irish chamber of commerce for his role in the bailout exit and "huge positive impact" on relations between the countries.
How Ireland's debt crisis unfolded - in pictures
14.14 Ireland went Celtic Tiger to recession to an embarrassing EU bail-out in the space of three years.
It's seen a propery crash, harsh austerity measures and the agony of recession.
We have summed it up in this picture gallery which you can view here.
An unfinished housing estate in Dublin
Pound outperforms majority of global currencies in 2013
13.33 Improving economic conditions for the UK have contributed to the pound outperforming the majority of global currencies in the past year1, according to latest research from Lloyds Bank Private Banking.
The research shows tha during the last 12 months the pound rose against 53 of the 74 currencies analysed.
And it bodes well for those looking to jet off on a long-haul trip.
The Venezuela bolivar has recorded the largest decline against the pound (falling by 48pc); others include the Papua New Guinean kina(26.3pc), South African rand (15.6pc), Jamaican dollar (14.1pc) and the Egyptian pound (14pc). For travellers to these countries, the depreciation of these currencies will be welcome news as they can potentially get more for their pound.
But that trip to the Seychelles may have to wait as the country's rupee is one of the top performing currencies against the pound.
The UK housing market is like a microwave
13.12 In the same speech Dale cautioned on the dangerous"microwave quality" of the UK housing market, which has "a tendency to turn from lukewarm to scalding hot in a matter of a few economic seconds".
Sharply rising house prices in London and the South East have stoked fears that the Government's Help to Buy scheme, aimed at easing first-time buyers on to the housing ladder, has created a bubble.
However Mr Dale said the Bank of England, which has been given the power to veto an extension of the scheme beyond the three years it was originally planned for, mean that it is "far better equipped to respond to these types of risks than in the past".
BoE's Dale: businesses trust in banks is broken
12.34 Chief economist of the Bank of England Spencer Dale is speaking at the CBI Midwinter lunch where he said a "breakdown of trust" in banks by businesses could hamper Britain's economic recovery.
The monetary policy committee member said the "scarring effects of the financial crisis" are likely to weigh on the economy for several more years as companies, unsure whether they can depend on their banks for financial support, remain reluctant to invest.
Irish used their vote to protest
12.18 As Ambrose mentions below, the Irish took the austerity stoically, with no street violence.
In the same press conference as Noonan, Brendan Howlin, Minister for public expenditure and reform, says the people used their vote as their form of protest.
Ireland breaks free of Troika shackles but not safe yet
11.52 The "poster child" of EU austerity has taken its medicine stoically but there are risks to going it alone in the market, arguesAmrbose Evans-Pritchard
Ireland is to regain its sovereignty after three years under the thumb of the EU-IMF Troika, the first of the eurozone crisis states to return to the free market.
The crippled Celtic Tiger has been subject to intrusive controls after a banking collapse forced it to seek a €78bn loan package from the EU and the International Monetary Fund in November 2010, compelled to cut wages and inflict a fiscal squeeze of 19pc of GDP.
The country will not break free of its shackles entirely. Inspectors will continue to carry out visits twice a year until 2031 “at the earliest” under a surveillance mechanism. Ireland will face binding constraints under Europe’s deflationary Fiscal Compact.
The "poster child" of EU austerity, Ireland has taken its medicine stoically without street violence or a lurch towards extremism, thanks to a close-knit tripartite system of trade unions, business and the government working together.
Ireland's housing market is recovering
11.39 In Dublin at least...
Barosso welcomes Ireland exit
11.30 He's not being unfriendly. The European Commission President has thanked Ireland for its "efforts and sacrifices".
He goes on to say the coutry's exit would not be possible without the "without the solidarity and significant financial support of the other EU Member States".
He says he is "proud" of the Commission's efforts and contribution as well.
We have stood by Ireland throughout, including through our insistence on the lengthening of maturities and on the reduction of the interest rate.
Ireland's success sends an important message – that with determination and support from partner countries we can and will emerge stronger from this deep crisis.
Fuente The Telegraph