The European Commission is ready to end its special budget deficit surveillance of Italy after Rome brought the shortfall back within EU rules, a senior official said Wednesday.

EU Industry Commissioner Antonio Tajani said in a tweeted message that the Commission had recommended "abrogating (the) decision on the existence of an excessive deficit in Italy," thereby removing the country from the EU's so-called Excessive Deficit Procedure program.

The European Union will make country-specific economic policy recommendations that are likely to ease the focus on budget austerity to help the economy recover.

The EU Commission, the 27-nation bloc's executive arm, is expected on Monday to grant France, Spain and other nations more time to slash their deficits amid high unemployment and a protracted recession in many member states.

The International Monetary Fund on Wednesday cut its growth forecast for China in 2013 to "around 7.75 percent", down from its earlier forecast of 8.0 percent, citing a sluggish global recovery which hurt exports.

"The Chinese economy is expected to grow at around 7.75% this year and at about the same pace next year," David Lipton, IMF first deputy managing director, told reporters in Beijing.

Greek banker Christos Sorotos was appointed on Tuesday as interim CEO of the island's largest lender, Bank of Cyprus, to guide it through tough restructuring under Cyprus' bailout terms, the central bank said.

Britain-based Sorotos, 61, is an expert in corporate restructuring who has worked in Greece, the United States, Bulgaria and Romania, said a statement said.

French consumers are deeply pessimistic, being as gloomy as they have ever been since 1987, official data showed on Tuesday.

They are increasingly worried about the outlook for their living standards, a monthly index compiled by the national statistics institute INSEE showed.

The European Commission is expected on Wednesday to increase the pressure on several countries, particularly France, to speed up structural reforms seen as the only reliable way to boost growth and job creation.

With Europe still mired in recession, the Commission will on Wednesday release its latest economic recommendations for member states -- except for those under bailout programs: Greece, Ireland, Portugal and Cyprus.

Japan kept its position as the world's largest creditor nation for the 22nd straight year in 2012, government data showed Tuesday, as the dollar's gains helped inflate the value of overseas assets.

Tokyo was followed by mainland China and Germany in third place in the ranking, which reflects the difference between the value of assets held abroad, including foreign debt and property, minus a nation's liabilities, such as foreign purchases of its own debt and domestic assets.

EU and Chinese trade officials will meet informally on Monday amid a series of tit-for-tat disputes, the European Commission said, after news of yet another row, this time over chemicals, surfaced.

The meeting comes as Brussels prepares on June 5 to impose hefty anti-dumping tariffs on imports of Chinese solar panels, just one area of discord that this month alone has included telecoms and steel tubes.

Oil-rich Kuwait will finance development projects in Oman worth $2.5 billion as part of pledges made two years ago by members of the Gulf Cooperation Council, the non-OPEC sultanate announced on Monday.

Based on the framework agreement signed by representatives from both countries' governments in Muscat, Oman will receive the funds in 10 years with $250 million to be granted annually, Oman's state news agency ONA reported.

Bikes are outselling cars in cash-strapped Italy but while cyclists in Milan say their city is ready for a two-wheel lifestyle, there are daily nuisances for riders on Rome's trafficked streets.

Some cities in Italy have bike-sharing initiatives, bike paths and public awareness schemes, while cyclists are still barely tolerated in others.