Italy, Luxemburg, and Sweden have questioned the need for a new institution to fund development projects outside the EU, the Luxemburg Times reports.

The report presented to finance ministers at the Economic and Financial Affairs Council (Ecofin) meeting in Luxembourg on Thursday presented three available options to EU ministers.

The first is to turn the European Bank for Reconstruction and Development (EBRD) or the European Investment Bank (EIB) into an EU Development Bank. Another is to ...