EC worried about volatility of some currencies in EU

Czech deputy premier Alexandr Vondra said in Brussels on Wednesday that his government saw no immediate need to intervene on the forex markets to support the crown which has fallen to its lowest levels against the euro since 2005. The statement came in response to a warning by the European Commission which said it was concerned by the volatility of the currencies of some EU nations, several of which have fallen sharply in recent days amid fears of capital flight. The euro common currency, used in 16 of the 27 EU nations, tumbled against the dollar on Tuesday over doubts about the eurozone economy and fears of the exposure of western European banks to huge debts in crisis-hit central and Eastern Europe.