ECB cuts euro-zone growth forecast, holds rates

The European Central Bank held its main interest rate steady at 2 per cent on Thursday 4 September and cut its estimate of euro zone growth to "slightly below" the mean of its range of 0.4-1 per cent. The slight downward revision means the ECB is now more pessimistic about the growth outlook than the EU Commission, which is forecasting growth of 0.7 per cent.

Source: Reuters

The European Central Bank is expecting the eurozone economy to grow by slightly less than 0.7 per cent in 2003, the bank'