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ECB cuts growth outlook for eurozone, holds rates

By David McHugh
Published December 6, 2012 5:40pm ET
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ECB cuts growth outlook for eurozone, holds rates
The President of the European Central Bank, ECB, Mario Draghi, speaks during a press conference in Frankfurt, central Germany, Thursday Dec. 6, 2012. The European Central Bank left rates unchanged at its meeting Thursday, and Mario Draghi gave little sign the bank was willing to add more stimulus. He said the bank had already done much to lower borrowing costs in heavily indebted countries that are struggling to grow. (AP Photo/dapd/ Alex Domanski) | Alex Domanski

FRANKFURT, Germany (AP) — 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 percent to minus 0.3 percent.

Even so, the bank left rates unchanged at its meeting Thursday, and ECB head Mario Draghi gave little sign he was leaning toward any more cuts to stimulate growth.

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