ECB monthly bulletin, March 2003

REPORT - The decision to lower rates by 25 basis points on March 6 reflected easing in price pressures for the medium term due to slow growth and the euro's appreciation, the ECB said in its March monthly bulletin released today.

Eurozone economic activity was "sluggish" and there was little optimism as "the outlook for economic growth has weakened compared with previous expectations". This factor along, with the appreciation in the exchange rate, should reduce inflationary pressures, once the

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