Global central banks went on the offensive against the falteringworld economy, cutting interest rates and increasing bond buying asthe recent round of international stimulus gathers pace.

In a 45-minute span, the European Central Bank and People's Bankof China cut their benchmark borrowing costs, while the Bank ofEngland raised the size of its asset-purchase program. They actedtwo weeks after the Federal Reserve expanded a program lengtheningthe maturity of bonds it holds and Chairman Ben S. Bernankeindicated more measures will be taken if needed.

“The actions had the look and feel of a coordinated globaleasing campaign,” said Nick Kounis, head of macro research at ABNAmro Bank NV in Amsterdam. “The central banks are trying to arrestthe synchronized slowdown in global economic growth that has takenshape.”