A quick preview of the key economic events for the upcoming week: While Ben Bernanke said last week that the US banking system has recovered significantly; mortgage lending in the US remains tight and is likely to improve slower than expected. In Europe, Greece's failure to form a government and Spain's mounting economic problems will no doubt have an impact that goes far beyond the eurozone.

Monday, May 14

The European Economic Congress opens in Katowice, Poland, where leaders from politics, business and science debate how Europe can respond to the debt crisis and economic slowdown.

Organisation of the Islamic Conference, an international organisation consisting of 57 member states, holds meeting of central banks and monetary authorities.

Tuesday, May 15

François Hollande officially takes office as France's president at a ceremony in Paris.

Related Story: Europe Must Seize Its Opportunity With Hollande: Martin Schulz

The free trade agreement between the United States and Colombia officially comes into effect.

Ukraine's prime minister Mykola Azarov visits the European Commission in Brussels. EU leaders are calling for a boycott of Kiev after the criminal prosecution of former prime minister Yulia Tymoshenko.

Related News: Yulia Tymoshenko jailed for 7 years, says Ukraine trial 'like Stalin's Soviet Union'

A conference to promote initiatives to create more jobs for Arab women and young people opens in Sharjah, the United Arab Emirates.

Wednesday, May 16

The European Central Bank stages a conference in Frankfurt on monetary policy, public debt and deficits. Speakers include Mario Draghi, ECB president, and Joaquín Almunia, EU competition commissioner.

Thursday, May 17

Labour and employment ministers of the Group of 20 leading industrialised countries meet in Guadalajara, Mexico, over two days to try to identify policies to create quality employment throughout the world.

Related News: Europe Told to Put Up Or Shut Up By The G-20

China Nuclear Energy Congress takes place in Beijing, with energy industry executives from many emerging economies expected to attend.

Friday, May 18

United States President Barack Obama makes a speech on global food security in Washington.

Related Story: Food Waste Fiasco: Breaking The Gordian Knot Of The World's Food Supply

Related News: Food Price Hike Drives 44 Million People into Poverty

Related News: Pakistan Prime Minister: "Millions of Pakistanis Face Food Insecurity"

The US hosts the two-day G8 summit, assembling leaders of the main industrial nations to discuss economic, political and security issues.

The Olympic flame arrives in the UK from Athens, to begin a 70-day relay around the country on its way to the opening ceremony of the London Games on July 27.

Related Infographic: A Brief History of the Olympic Games

Related News: Greek Athletes Risk Missing Olympics Due To Cuts In State Funding