Charting The Global Economy: ECB Hikes, Cuts Growth Outlook

The European Central Bank raised interest rates this week and trimmed growth estimates.

The European Commission cut its outlook for the euro-area economy, predicting it will be dragged down this year by a contraction in Germany .

The UK economy shrank at the fastest pace in seven months in July as strikes and wet weather hit activity harder than expected, reviving fears that a recession may be under way.