A look at global economic developments

European Union nations pledged "maximum transparency" when they publish the results of stress tests that will show how the region's banks would fare if the economy worsens sharply.

The results of the simulations will be closely watched by markets worried that European governments could face extra costs for rescuing troubled banks as they struggle with mounting debt and slow economic growth.

Belgian Finance Minister Didier Reynders said EU finance ministers agreed at talks that banking supervisors would publish details on banking groups on July 23, following up two weeks later with details on subsidiaries.

The stress tests on Europe's 91 banks, ranging from major lenders to small Spanish saving banks, would show how much they would lose if the economy worsens sharply, financial market conditions deteriorate and borrowing costs soar.

For more: The Associated Press: A look at global economic developments