European Central Bank cuts growth outlook for eurozone
FRANKFURT, Germany The European Central Bank warned of another gloomy year for the 17 European Union nations in the eurozone, cutting its forecast for financial growth in 2013 from plus 0. 5 percent to minus 0. 3 percent. Even so, the bank left rates unmodified at its conference Thursday, and ECB head Mario Draghi offered little indicator he was favoring any even more cuts to stimulate growth. The bank's 22-member governing council kept its benchmark refinancing rate unmodified at 0. 75 percent. The rate identifies exactly what private-sector banks are charged for borrowing from the ECB, and, through that, the rates banks set for businesses and customers. Draghi saw "downside risk to the economic outlook" and said that "weak activity is expected to extend into next year," with a gradual rehabilitation later on in 2013. The bank's minus 0.
Keywords:
percent ECB eurozone rate rates growth rate cut refinancing rate rate cuts ECB head Mario bank banks lower rates eurozone debt crisis benchmark refinancing rate percent outlook percent fall previous rate cuts European Central Bank European Union countries Draghi additional rate cuts 22-member governing council quarters of negative growth in a real estate bubbles senior economic adviser ECB chief economy European share indexes Spanish 10-year bonds business confidence indicators Analyst Carsten Brzeski strong downward revisions weekly loan offering forecast rate policy rate economic growth private-sector banks little sign wider economy current rates downside risk weak activity indebted countries gradual recovery bond interest rates Spain London FTSE French CAC borrowing costsPeople:
Mario Draghi
Overall Sentiment: -0.282683
Relevance: 0.522878
| Sentiment | Quote |
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| 0 | Draghi said current rates were "very accomodative" ... |
| 0.0136874 | "That is much more than you can achieve by a cut in the policy rate," Draghi said. ... |
| 0.0136874 | "That is much more than you can achieve by a cut in the policy rate," Draghi said. "We have already done much that is needed." |
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Disambiguation: PoliticianReferences:
Carsten Brzeski
Overall Sentiment: 0.0591192
Relevance: 0.261282
| Sentiment | Quote |
|---|---|
| 0 | "The fact that the ECB kept rates on hold even after these strong downward revisions for growth and inflation in our view shows that the ECB prefers to stimulate the economy with non-standard measures and not with additional rate cuts," Brzeski wrote ... |
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Marie Diron
Overall Sentiment: -0.022971
Relevance: 0.225717
| Sentiment | Quote |
|---|---|
| -0.0978875 | "This is something that we have been flagging for some time, namely that the eurozone may be headed for a `lost decade,'" said Marie Diron, ... |
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Additional Info:
Country: Germany
Overall Sentiment: -0.160498
Relevance: 0.307109
Disambiguation: Location | GovernmentalJurisdictionReferences:
Country: Spain
Overall Sentiment: 0.135045
Relevance: 0.301166
Disambiguation: Location | AdministrativeDivision | GovernmentalJurisdiction | KingdomReferences:
Company: ECB
Overall Sentiment: 0.044362
Relevance: 0.788919
Organization: European Central Bank
Overall Sentiment: -0.120295
Relevance: 0.64948
Disambiguation: LocationReferences:
URL Tags Info
Provided Title:
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Site Provided Desc:
Source Site: feeds.cbsnews.com
European Central Bank cuts growth outlook for eurozone
URL Provided Keywords:
- bubbles
- countries that use the euro
- downside risk
- dpst cbseuro
- ecb
- economic growth
- economic outlook
- eurozone
- governing council
- largest economies
- lost decade
- mario draghi
- midpoint
- months of the year
- overspending
- private sector banks
- recession
- tough times
Site Provided Desc:
Central bank warned of another gloomy year for the 17 European Union countries
Source Site: feeds.cbsnews.com
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