ECB predicts eurozone recovery

In its May bulletin published on Thursday 15 May, the ECB said "Looking ahead, a gradual strengthening of real GDP growth is expected to start later in 2003 and to gather more pace in the course of next year".

Source: Financial Times

The European Central Bank said on Thursday that eurozone inflation risks were limited and that the economy would pick up later this year and accelerate in 2004.

However, the statements - contained in the ECB's monthly bulletin - coincided with several eurozone count