Eurozone to 'grow more strongly'

Eurozone to ‘grow more strongly’

by admin on Sep.03, 2009, under Banking Group, Banking Industry, Global Economic Crisis, World Economy

The European Central Bank (ECB) has raised its forecast for economic growth in the eurozone and kept interest rates on hold at 1%.

The head of the bank said there was an expectation that “severe contraction” would now be followed by a period of “stabilisation and gradual recovery”.

Eurozone rates were cut from 1.25% to a record low of 1% in May this year.

Earlier on Thursday, a survey found that eurozone economic activity rose in August for the first time in 15 months. NHMA

:economic, eurozone, rates, severe contraction

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