Countries like Britain and Germany could breathe life into an academic theory intended to offer poorer, emerging economies some respite if they fall on hard times.
The kingdom's post-oil plan is nothing more than window dressing for unpopular austerity measures, the minister said.
But the risks are to the downside, ECB President Mario Draghi said, meaning performance is more likely to be worse than better.
The ECB has provided unprecedented stimulus for years with sub-zero rates, free loans to banks and over a trillion euros in bond purchases, all in the hope of reviving growth and lifting inflation back to its target of just below two per cent after more than three years of misses.
The economy grew at the same clip in the third quarter year-on-year as in the first and second quarters, as analysts polled by Reuters had expected.
A Reuters analysis of federal labor flow data shows workers are moving from outside the labor force directly into jobs at a record pace.
Frankfurt, Paris, Luxembourg and Dublin are among the centres hoping to attract banks and other institutions from London, Europe's biggest financial centre.
The agreement was signed on the sidelines of the BRICS Summit in Goa to develop the Kluchevskoye gold deposit located in the Chita region of Russia in Eastern Siberia, a statement by SUN Gold said.
Financial institutions in the Arab worlds largest economy are bearing the brunt of a halving of oil prices since 2014.
The US Commerce Department said retail sales increased 0.6 per cent after declining 0.2 per cent in August. Sales were up 2.7 per cent from a year ago.
The plan is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys huge financial reserves in an effort to move into non-oil industries.
Divided in their views over the labor market, most Federal Reserve officials last month ultimately listened to Chair Janet Yellen's argument for holding off on a rate hike, for now.
Senior executives from European divisions of some of the world's biggest financial institutions told a conference in London they felt the government's tougher rhetoric on immigration risked harming the economy.
The nation's wealth is based mainly on oil, with crude sales accounting for 75 percent of total export earnings, according to the prospectus.
Many non-OPEC producers have expressed a willingness to work with the organization, according to the minister, who plans to meet his Russian counterpart in the next couple of days.
The International Monetary Fund has projected global growth at 3.1% this year, with only a modest acceleration to 3.4% next year.
Britain's vote in June to leave the EU, US presidential candidate Donald Trump's anti-trade rhetoric and a global slowdown in trade volumes have prompted policymakers to try do a better job selling the benefits of global economic integration to the general public.
IMF chief Christine Lagarde said that despite signs of recovery and resilience in some economies, global growth continues to disappoint, with the expected pick-up driven primarily by emerging markets.
The first year of Saudi Arabia's drive to reduce its oil dependence may end with the opposite result.