Adding to the gloomy mood, European Central Bank governing council member Ewald Nowotny said he didn't see the euro-zone economy improving significantly in the near future.

WSJ: U.S. Futures Join Global Slide

Mario Draghi will stand up this afternoon to explain how the European Central Bank's governing council has decided to back up his pledge to "do whatever it takes, within our mandate" to hold the single currency together.

BBC: Waiting for Draghi

In Europe, several media reports said the European Central Bank confirmed the resignation of Governing Council member Juergen Stark.

FORBES: METALS OUTLOOK: Volatility To Continue In Gold Next Week

LONDON European stock markets got some respite from recent tumbles, as bond yields in Italy and Spain fell after a member of the European Central Bank's policy-making council sparked speculation about a restart of the bank's bond-buying program.

WSJ: European Stocks Catch a Bounce

On Thursday the governing council of the European Central Bank will meet in Bratislava.

BBC: Will Europe cut its interest rate?

Its president has a single vote on the governing council of the European Central Bank.

ECONOMIST: A tussle over the integrity of a once-great central bank

So also will be the president and council of the European Central Bank which, on paper, may well be the most independent and least accountable central bank in the world.

ECONOMIST: Yves-Thibault de Silguy, euro-navigator

Although Mr Weidmann has just one vote on the 23-strong governing council at the European Central Bank, his voice as Bundesbank president carries great weight among other eurozone policy makers, especially from northern countries.

CNN: US Treasury triggers fall in yen

Following a decision by the European Central Bank to raise interest rates on Thursday, to 4.25%, ECB Governing Council member Mario Draghi said Friday that the decision to do so had been unanimous, according to TradeTheNews.com.

FORBES: Europe Slips After Goldman Note