ECB cuts growth outlook, with ongoing uncertainty

The European Central Bank Thursday slashed its forecasts for growth in coming years, citing the "persistently high degree of uncertainty" as the main reason. The publication of the ECB's monthly report reveals more on the motivation for its recent half point interest rate reduction.

In the bank's monthly bulletin for December, the ECB forecast growth in 2003 at 1.1%-2.1%, a drastic downward revision from its previous forecast for growth of 2.1%-3.1%. Inflation is expected to come in a range of 1

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