DEVELOPING: Desperate policymakers in Europe are devising plans to stop the union from crumbling, amid rising fears over Germany’s economy and the backbone of the single currency. Germany’s top stock market the DAX has plunged by more than three per cent today, after last week closing at its lowest level since October 2014.

The country’s biggest banks are among the worst hit, with Deutsche Bank’s share price diving by more than 10 per cent, and Commerzbank down by more than nine per cent. Now top central bankers from Germany and France have called for even closer integration of eurozone economies in a bid to ward off the collapse of the European Monetary Union (EMU) and called forthe formation of a Eurozone treasury. More of the bloc’s financial policies should be dictated by Brussels, according to France’s newly-appointed Francois Villeroy de Galhau and Germany’s Jens Weidmann. FULL REPORT