Separately, the Fed's "beige book" report on regional economic activity added to a narrative of a moderately strengthening recovery.

WSJ: European Stocks Edge Lower

The report places great emphasis on the regional framework for conflict resolution and economic planning, privileging it over local, national and international frameworks.

FORBES: In Defense of Political Economy: new ideas on development from the World Bank

Last week, it produced a report recommending that a regional assembly should take charge of most regional public spending and make decisions about economic planning and development, transport, training, health and the arts.

ECONOMIST: Why the North-West is getting keener on a regional assembly