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Banks' anti-recession plan draws praise

LONDON, Dec. 13 (UPI) -- Plans by the U.S. Federal Reserve, the Bank of England and three other central banks to fend off global recession drew praise Thursday in a London report.

The banks plan to pump around $100 billion into global money markets in unprecedented joint action to ease a growing threat to tip the world's leading economies into recession, The Times of London said.

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British Prime Minister Gordon Brown, who flew to Portugal for signing of the new European reform treaty, told The Times it is the kind of action the European Union should focus on and start showing some world leadership.

"What I'm going to say to Europe is stop looking inwards, stop looking at constitutions or semi-constitutions or institutions for a long time ahead and for the foreseeable future concentrate on the big issues ahead of us," he said. "What I'm going to do is call for Europe to show some global leadership."

The banks, also including the European Central Bank and the Swiss and Canadian central banks, simultaneously unveiled plans to pump billions in extra funds into the global markets for lending between commercial banks.

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