ECB Monthly Bulletin, July 2005

The European Central Bank published its July 2005 Monthly Bulletin on Thursday 14 July. The report said there is not yet any sign that a sustained economic recovery has started in the euro zone.

The ECB acknowledged in the bulletin that recent business confidence indicators have shown a slight improvement.

But it added: 'There are no signs as yet that a more sustained recovery in economic activity has already started.'

Growth has remained subdued as high and rising oil prices have weighed on

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