ECB sticks with growth forecast in monthly report

The European Central Bank sounded a dovish note in its monthly bulletin on Thursday but economists cautioned against building expectations of another rate cut very soon.

The bulletin, the ECB's main method of communicating its policy to the market, said economic activity in the 12-nation bloc remained subdued over the turn of the year, but it did not note any new deterioration.

The ECB kept its forecast that growth would return close to trend levels by the end of 2003 but highlighted risks to

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