House Speaker Kevin McCarthy is studying the history books and considering the appointment of a mix of lawmakers and business leaders as he lays the groundwork for a new commission to tackle the nation's growing debt.

McCarthy is fresh off his biggest political victory since becoming speaker in January. He got the White House to negotiate on a bill that suspends the debt ceiling into January 2025 while also producing a projected $1.5 trillion in deficit savings over the coming decade. But the legislation only focused on a sliver of the federal spending that occurs each year and excluded programs such as Social Security, Medicare and Medicaid that account for the majority of government spending and are the biggest drivers of the debt.

Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies.

The longtime leader appointed an internationally respected former banker as finance and treasury minister and on Friday named a former co-CEO of a U.S.-based bank as head of the central bank.

Turkish President Recep Tayyip Erdogan on Friday appointed a former U.S.-based bank executive to head Turkey's central bank, in another sign that his administration might pursue more conventional economic policies.

Erdogan named Hafize Gaye Erkan, a former co-chief executive officer of the First Republic Bank, as governor, according to an announcement in the Official Gazette. The Princeton-educated Erkan, 41, becomes the Turkish central bank's first woman governor.

The European economy contracted slightly at the end of last year and beginning of 2023, revised figures showed Thursday, underlining the impact of the loss of Russian natural gas and high inflation on consumer spending.

Economic output in the 20 countries that use the euro currency dropped 0.1% in both the final three months of 2022 and first three months of this year from the previous quarters, according to the European Union's statistics agency Eurostat.

The Turkish lira tumbled to a fresh record low Wednesday, extending its slide against the U.S. dollar since President Recep Tayyip Erdogan started his third term.

The lira weakened by around 7% on Wednesday, hitting 23.16 against the dollar. The decline took the currency's loss since the appointment of Erdogan's new government to more than 8%. The currency has weakened by around 20% since the start of the year.

The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic.

French unions are seeking to reignite resistance to President Emmanuel Macron's higher retirement age with what may be a final surge of nationwide protests and scattered strikes Tuesday.

The White House on Tuesday is launching a website to map and track tens of thousands of infrastructure projects and private manufacturing investments, an effort by the administration to show the positive impact of its policies on the U.S. economy to a skeptical public.

The site, Invest.gov, documents roughly 32,000 infrastructure projects and more than $470 billion worth of investments in the production of electric vehicles, batteries, computer chips, biotech, clean energy and other sectors. President Joe Biden is seeking reelection in 2024 by trying to show how his policies are reshaping the U.S. economy to address climate change and compete with rivals such as China.

Cost of living woes are focusing European voters' minds one year before they go to the polls to choose a new EU parliament, a new official survey Tuesday showed.

Half the 26,000 respondents questioned across all 27 EU countries for the Eurobarometer survey "see their own standard of living in decline and expect it to decrease even further," according to the results.

Turkey's annual inflation rate dropped below 40 percent in May for the first time in 16 months, pushed down by a temporary offer of free gas to households, official data showed on Monday.

Consumer prices rose by 39.6 percent on an annual basis and were almost stable, at 0.04 percent, compared to the previous month, according to the country's statistics agency.