European uncertainty reflected in central bank decisions worldwide


On Friday the Bundesbank said it was lowering its 2012 growth forecast for Germany to 0.6% from 1.8% as a result of the continued economic struggles in the 17-nation eurozone.

Germany has seen a marked decline in its export industry as key eurozone trading partners feel the impact of the sovereign debt crisis that is ravaging the region.

The National Bank of Austria also cut its growth predictions for the medium term. The central bank said it now expects Austria's GDP to grow 3.3% in 2011, 0.7%

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