ECB grows more cautious on growth outlook

GERMANY - A shift of stance on inflationary pressures by the European Central Bank on Thursday reflected growing pessimism on the outlook for economic growth in the eurozone.

In its monthly bulletin for August the ECB reinforced its "wait and see" approach to interest rates but admitted risks to price stability had become "more balanced". This was in contrast to the July report which said inflation risks remained "tilted to the upside".

This shift to a more neutral stance on inflation was the c

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