ECB lowers growth and inflation forecasts

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The European Central Bank (ECB) lowered its growth and inflation expectations for 2012 and 2013 today (December 6), while holding its benchmark interest rate at 0.75%.

Expectations have dropped in response to continued uncertainty about the resolution of the sovereign debt crisis, Mario Draghi, the ECB president, explained in a press conference in Frankfurt.

Euro area GDP contracted by 0.1% in Q3, and ECB staff believe annual growth will land between -0.6% and -0.4% in 2012. In 2013, they say it

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