ECB cuts growth outlook in eurozone

Press Association
Mario Draghi
Mario Draghi

The European Central Bank warned of another gloomy year for the 17 European Union countries that use the euro, cutting its forecast for economic growth in 2013 from plus 0.5% to minus 0.3%.

Even so, the bank left rates unchanged at its meeting on Thursday, and ECB head Mario Draghi gave little sign he was leaning towards any more cuts to stimulate growth. The bank's 22-member governing council kept its benchmark refinancing rate unchanged at 0.75%. The rate determines what private sector banks are charged for borrowing from the ECB, and, through that, the rates banks set for businesses and consumers.