ECB urges worldwide inflation battle

The world's central banks need to make concerted efforts to tackle global inflation and apply monetary policy effectively, European Central Bank Vice-President Lucas Papademos said yesterday.

Speaking at a conference on Europe-China relations in the German port city of Hamburg, Papademos said China needed to make reforms to quell domestic inflation and ensure sustainable growth.

"The world economy is navigating through heavy seas at the moment," he said.