The European Central Bank published its December 2003 Monthly Bulletin on 11 December. The ECB maintained its forecast for 2003 inflation at 2.1pc, but lowered its forecast for 2005 inflation to 1.6pc from 1.7pc. But it repeated that official interest rates were appropriate, given that inflation is still expected to drop below its 2pc tolerance ceiling next year. Faster global growth is seen boosting exports starting next year despite the stronger euro and will be a key driver for strengthening