ECB Monthly Bulletin, March 2004

The European Central Bank published its March 2004 Monthly Bulletin on 11 March. The Bulletin reported that the main scenario of a continued gradual recovery in the course of 2004 and 2005 remains valid.

But it warned that Germany, France and Portugal risk posting excessive budget deficits for several years, despite their commitments to cut their deficits quickly.

"There is a high risk of persistent or renewed excessive deficits in the three countries," the ECB said in its March Bulletin.


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