BRUSSELS - The European Commission is studying an economic recovery plan tabled by the Argentine government over the weekend, a commission spokesman said Monday.

"We are in the process of a detailed analysis," he said, declining to comment further but to say economic and monetary affairs commissioner Pedro Solbes would make a statement on the plan "in due course."

The argentine government announced late Sunday the introduction of what it called "a single foreign exchange market," in which the Argentine peso will be allowed to float freely against the U.S. dollar and will be used for all transactions, AFP reported.

Under the proposal unveiled by Economy Minister Jorge Remes Lenicov, all bank deposits will be converted into pesos at a rate of 1.40 pesos to the dollar.

However, dollar loans will be converted into pesos at a one-to-one rate.

At the same time, the Argentine government ordered national banks to stay closed Monday and Tuesday, in effect temporarily freezing all currency exchange operations.

The economy minister also announced an end to limits on withdrawals from bank accounts, saying that checking accounts held by Argentine workers would be freely accessible.

The Argentine Supreme Court on Friday had declared government-imposed bank withdrawal limits unconstitutional, a blow to President Eduardo Duhalde's economic program.