"The Bretton Woods institutions (IMF and World Bank) have a role to play in the reconstruction of Iraq," German Finance Minister Hans Eichel said in a press conference on the sidelines of an informal EU finance ministers meeting held in the outskirts of Athens.

The Finance Minister Rodrigo Rato of Spain, whose country has lent its political support to the US-British attack, said separately that the reconstruction of Iraq had to be "financed by the UN and the World Bank".

According to a Greek EU presidency source, the ministers discussed Iraq postwar reconstruction earlier in the day, despite the fact that the issue was not on the meeting's agenda.

"It was a first exchange of views," the source said.

Eichel said it was "still too early" to discuss detailed proposals.

"For the rest... the finance ministers expressed their support for the (EU's) foreign ministers' position in favour of a leading role for the UN in the reconstruction of Iraq," Eichel added.

His Finish counterpart Sauli Niinisto, called for a "strong European voice," in post-war Iraq reconstruction.

British Chancellor Gordon Brown as well as his French and Belgian counterparts Francis Mer and Didier Reynders did not take part at the Vouliagmeni meeting.

The damage the war is likely to cause to the EU's already fragile economies was one of the meeting's main subjects.

However, according to Eichel, the ministers arrived at the conclusion that no immediate action was required to shield their economies.

British central bank chief Eddie George said he doubted there would be any coordinated global action taken by the world's seven largest economiesduring their April 11 meeting in Washington.

SPACE.WIRE