EU ministers meet in Brussels - as it happened

• Germany: Greece is only one to think no time has been wasted
• ECB's Draghi insists Greece allow lenders in to check the books
• Euro edges closer to parity with dollar
• Surprise fall in Italian industrial production
• Greek deflation slows
• Tidjane Thiam quits the Pru to lead Credit Suisse
• Mark Carney appears at House at Lords committee

3.35pm GMT

Before closing the blog for today, here is a closing summary of the main events today.

3.14pm GMT

Back in Athens, the Greek government has announced a50 million of savings achieved from cutting ministerial advisers "and other privileges."

The Guardian's Helena Smith reports:

One official explained: "The government is putting an end to the hiring of unnecessary advisers who very often were used for the purpose of patronage politics. At a time when Greek society has experienced such a hard policy of austerity, it was provocative to allow a regime of tens of advisers to continue."

The finance minister Yanis Varoufakis also says he has scaled back on advisers dramatically - along with ministerial cars and guards seconded to protect him from the police force.

3.12pm GMT

In the UK, Bank of England governor Mark Carney is appearing in front of the House of Lords Economic Affairs Committee.

Nigel Lawson clearly enjoying a bit of verbal jousting with Mark Carney at the Economic Affairs Committee

2.38pm GMT

Jeroen Dijsselbloem has issued a fresh warning on Greece following the meeting of EU finance ministers in Brussels.

The Greek situation was not on the agenda at today's Ecofin meeting, but it was impossible for ministers to escape the subject while agreement on Greek reforms has yet to be reached.

2.28pm GMT

The price of copper has fallen amid concerns over China.

2.07pm GMT

US markets have opened lower as fears over lack of progress in Greece persist.

There's a lot of rhetoric out there, some of which feels like name-calling, all of which makes the situation read as worse than it used to be.

1.53pm GMT

UK chancellor George Osborne has reported back from the Ecofin meeting in Brussels.

He's been urging Yanis Varoufakis, the Greek finance minister, to hurry up and agree reforms with the rest of the eurozone.

Just had bilateral meeting with Greek Finance Minister, urging them and Eurozone to find solution. Unfortunately this Greek drama isn't over

At ECOFIN to discuss ongoing economic risks from Eurozone and the new plans to boost investment into Europe, including UK

12.54pm GMT

Helena Smith, the Guardian's correspondent in Athens, brings us this report on the situation in Greece:

Over in Greece local media are making much of revelations that Greek finance minister Yanis Varoufakis was strong-armed into allowing inspectors representing the deeply unpopular troika to return to Athens.

Greek officials are keeping mum but EU sources in Brussels have revealed in no uncertain terms that Athens was posed with an ultimatum: either it allowed auditors to examine its books, in situ, or emergency funds would be stopped.

12.42pm GMT

Germany's finance minister Wolfgang Schaeuble has yet to be won over by Yanis Varoufakis, his counterpart in Greece.

Greece must talk to the institutions to ensure that the memorandum of understanding (agreed with its creditors) is fulfilled.

Only when this condition has been met is there a possibility for payment to be made from the programme.

12.23pm GMT

Markets found no cheer from the latest data to come out of Italy, which showed a surprise fall in industrial production in January.

January's French industrial data support the message from the German and Spanish releases that activity was expanding slowly at the start of the year. But the fall in Italian production suggests that the three-year recession there has continued.

Today's data, together with earlier figures from Germany and Spain, suggest that Thursday's eurozone release will show that industrial production stagnated in January.

11.47am GMT

Investors across Europe are feeling less optimistic than they were earlier this morning. Fears over Greece's future are creeping back in.

11.05am GMT

Time for a European holiday? The euro has edged closer towards parity with the dollar, dropping to $1.076.

Euro edges toward parity with dollar. Now at $1.0850. Time for European vacay. http://t.co/oBI2PQ71dU pic.twitter.com/Q26bcVghQR

10.41am GMT

The pace of price falls in Greece slowed in February, with annual consumer inflation of -2.2% compared with 2.8% in January according to the nation's statistics office.

The deflation rate also decelerated on an EU-harmonised basis, with prices falling by 1.9% in February - not as much as the 2.6% drop forecast by economists in a Reuters poll.

10.10am GMT

Ratings agency Standard & Poor's says a Greek exit from the euro probably wouldn't be a major deal for foreign banks, with ratings downgrades unlikely.

In a report called This Time, Foreign Banks Have Less To Fear About A Grexit, S&P argues:

Given the relatively limited scale of banks' exposures to Greece, we do not currently expect that a Grexit would, in and of itself, lead to ratings changes for foreign banks, or that exposed foreign banks would require additional capital support.

We consider the direct impact on foreign banks from a Grexit or from continuing uncertainty about it as limited because they have relatively limited direct exposure to Greek banks or to Greece's public and private sector, having significantly reduced their lending since the restructuring of Greek government debt in 2012.

9.58am GMT

Greek investors are not letting a lack of agreed reforms get in the way of some spring cheer.

The ATG index in Athens is up almost 3% at 837.27 this morning. The banks are among the top risers.

9.48am GMT

Judging by the smiles, there appears to be a fair amount of cheer in Brussels this morning, despite the lack of progress made on Greece at yesterday's meeting of eurozone finance ministers.

We have spent the last two weeks discussing who will meet who, where and in what configuration.

It's been a complete waste of time.

9.10am GMT

Finance ministers from across the European Union have arrived for the Ecofin meeting in Brussels.

#Grice, #investEU : di(C)claration i mon arrivi(C)e i l'#ECOFIN ce matin / My #ECOFIN Council doorstep http://t.co/es0l8RriZk @EU_Commission

Dear #chickengeorge your excuse you have to go to Ecofin meeting doesnt work - you usually send a junior Minister 1/2 http://t.co/vbb8oQFldK

Dear @George_Osborne seems you are running chicken you normally give notice well in advance not the night before 2/2 http://t.co/vbb8oQFldK

I have written to Treasury press office to ask how many ECOFIN meetings @george_osborne has attended vs how many he sent a junior minister..

8.48am GMT

Figures published earlier showed a surprise rise in French industrial production.

Production increased 0.4% in January, beating expectations of 0.3% fall. It followed a 1.4% increase in December.

8.31am GMT

Elsewhere in Europe, investors appear a little underwhelmed this morning as they consider the inconclusive outcome from yesterday's eurogroup meeting on Greece and What It All Means.

8.17am GMT

The Pru has yet to announce a replacement for Thiam, but chairman Paul Manduca said a successor has been identified and will be announced "once the regulatory approval process has been completed".

Lots of speculation that Mike Wells, the head of the Pru's US business, is the chosen one.

Rumour has it that Mike Wells might replace Tidjane Thiam as CEO of PRUDENTIAL

EXCLUSIVE: Prudential lines up boss of US arm Jackson, Mike Wells, to replace Tidjane Thiam as next chief executive. http://t.co/tqktw5qJQz

8.11am GMT

The FTSE 100 has opened slightly lower, down 0.2% at 6,863.41.

Pru shares are down more than 3% at 16.09 on the news that its respected chief executive, Tidjane Thiam, is leaving to lead Credit Suisse.

8.05am GMT

More on the Pru's announcement this morning.

Paul Manduca, the insurer's chairman, piled on the praise for Thiam:

Tidjane has been one of the most exceptional leaders in Prudential's long and illustrious history.

From leading the group through the financial crisis at the end of the last decade, first as CFO and then as CEO, to shaping an Asia-focused strategy that has seen Prudential grow into an ever more successful UK-based financial services business, he has been a great servant to the company and all its stakeholders in his seven years on our board.

Prudential's Thiam: "I'm really pleased to be able to step down at a time when everything is going well. It's a rare privilege for a CEO."

Prudential's Thiam says "highly confident that the company is going to continue to do well".

8.05am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.