The Organization for Economic Co-operation and Development said on Tuesday that Austria needs to take steps to strengthen the resilience of its banking sector. The organization said this in its 2013 economic survey of the Alpine country.

In order to reduce the rising speculations over the bribery case, Austrian Central Banker has resigned. Austrian National Bank Deputy Governor Wolfgang Duchatczek has resigned. He gave his resignation letter on Tuesday.

On Saturday, Europe failed to agree on how to share the cost of bank collapse on Saturday. Germany resisted attempts by France to water down rules designed to spare taxpayers in Future crisis.

Talks were held for almost 20 hours late into night, but could not forge a way to set up an EU-wide regime to first impose losses on shareholders and bondholders when a bank fails.

On Thursday, the finance ministers from the European Union began carrying out negotiation on rules in order to save the failing banks.

The officials from the Euro zone and the International Monetary Fund have raised concerns over the aid to Greece saying that they may suspend it by the July end if the political turmoil kept the monitors from completing the review of economy of the country.

The deputy governor of Austria's central bank has been suspended. He is alleged for connections with a bribery scandal over banknote contracts.

European Central Bank President Mario Draghi flagged the central bank's readiness to act, as recent signs of stabilization in the Euro zone have proved that its interest rates are a more effective tool again.

He said this during a farewell conference for Bank of Israel Governor Stanley Fischer in Jerusalem. Draghi said that ECB could take numerous measures when needed.

The Parliamentary Commission on Banking Standards has reportedly recommended harsh penalties for bankers who will behave negligently in the future.

Emerging reports say that the penalties will include hefty fines and bans from the City as well as from being company directors.

According to reports of Policy Exchange, some £34bn of the Government's £48bn holding in Lloyds Banking Group and Royal Bank of Scotland should be given to 48 million Britons. The chancellor's think tank has claimed that the Coalition should distribute shares in state-owned banks to taxpayers ahead of the next general election.