UPDATE 1-BIS-Central banks to make own rate calls-Trichet

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By Krista Hughes and Anna Willard

SAO PAULO, Nov 10 (Reuters) - Global financial tensions have intensified but there is no one-size-fits-all solution for central banks facing a worldwide economic slowdown, top central bankers said on Monday.

European Central Bank President Jean-Claude Trichet said policymakers attending the Bank for International Settlements meeting in Brazil agreed that each central bank had to set interest rates according to its individual economy.

Governments with shaky public finances should also beware of ramping up public spending to boost growth, but other countries with the capacity to spend more should do so, he said in summing up talks on the global economic outlook.

With global growth sliding, the International Monetary Fund has called on central banks to exploit their room for manoeuvre on interest rates. Major central banks including the ECB and U.S. Federal Reserve cut interest rates in tandem on Oct. 8 and many have cut further since.

But Trichet gave no sign that further coordinated cuts were imminent, although he said central bank cooperation to free up liquidity flows would continue.

"We are not in the same situation," he told a news briefing at the meeting, hosted by Brazil following a meeting of Group of 20 financial officials in Sao Paulo.

"Some have a very good handling of the inflation expectations .. others still have to cope with inflationary pressures."