Talks needed to avoid volatility

Other policymakers also debated the role of the European Central Bank's crisis measures to support the economy, with one saying it would lead the way in scaling back aid if necessary – a stance that has helped keep the euro relatively strong against other major currencies in recent months.

Guy Quaden, head of Belgium's central bank, hit out at the persistent sharp swings in foreign exchange markets which have triggered a global war of words over currency manipulation.

"We have to avoid brutal movements" on forex markets, "and so I hope... that without delay we will have more co-operation on that field", Mr Quaden said.

"We live in a world of floating currencies, but excessive volatility is bad and to be avoided by common efforts at the world level."

International tensions over currency rates have risen sharply, sparking increased talk of intervention from Asia to South America.