EU Commission wants joint action by central banks

The EU Commission is in favour of a joint effort by all international central banks if a war in Iraq should weaken the world economy, financial daily Boersen-Zeitung said, citing an internal note from the EU's economic and monetary affairs commissioner Pedro Solbes.

"If necessary, the monetary authorities of the big currency zones could intervene in concerted efforts," the internal paper says, according to Boersen-Zeitung.

The Commission sees the possibility of a global recession with oil prices

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