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Central bankers are refining their battle plans for coping with the upheaval that an Iraqi war could cause in financial markets and their economies.
New data this week highlighted a mood of caution at corporations in major economies as the International Monetary Fund (IMF) warned that the world could sink into recession if the war in Iraq drags on.
Economic policy-makers around the world are running out of tools to boost the flagging global economy, according to a World Bank report just released.
THE euro strengthened further against other major currencies yesterday as investment money poured into euro deposits following the European Central Bank's (ECB) decision to leave interest rates unchanged at 2.5%.
B>NEW YORK: /B>Factory activity in the United States and Japan improved in June while Europe's manufacturers suffered a deeper contraction, the latest surveys showed, underscoring how the euro's export-choking rise against major currencies has brought yet more pain to the euro zone economy.
German Chancellor Gerhard Schroeder suggested in an interview published Friday that the European Central Bank should do more to weaken the euro against the U.S. dollar, a call that followed the bank's decision to leave interest rates unchanged.
The cost of money has fallen further around the world this week with the Bank of England and a trio of Asian central banks trimming interest rates to jump start a hesitant global economic recovery.
European finance officials say any adjustments to China's fixed exchange rate should be handled with caution, rejecting US calls for an early free float of the yuan.
B>FRANKFURT:/BThe European Central Bank (ECB) is growing increasingly uneasy that the strength of the euro could undermine recovery and require an interest rate cut in the next few months, a senior ECB official has been quoted as saying.
Europe is concerned about 'brutal' currency movements, said European Central Bank (ECB) chief Jean-Claude Trichet, but a meeting of the world's top central bankers here did not discuss the US dollar's rapid slide as a risk to global economic recovery.