ECB lowers growth and inflation forecasts


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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