EUROPEAN Central Bank council member Ernst Welteke said further cuts in interest rates aren’t an issue after the bank pared borrowing costs earlier this month.

The European Union today issued a stern warning to a gathering of top financial officials, saying uncertainty over war in Iraq has damaged the world economy.

Greek consumers, hit by price increases since the introduction of the euro at the beginning of the year, struck back on today, boycotting shops in protest.

Four senior officials of a Greek state-controlled bank have been suspended after money was illegally invested and lost on the stock market.