The ECB Cuts Eurozone GDP Growth Again

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“LONDON—The European Central Bank Thursday admitted that the euro-zone’s economy is likely to contract this year, and that inflation will outstrip the bank’s medium target.

Opening his monthly press conference, Mario Draghi said that higher-than-expected energy prices, along with increases in various state-administered prices, meant that “inflation is expected to remain above 2% in 2012, with upside risks prevailing.”

The central inflation forecast for 2012 is now 2.4%, up from 2% three months ago, Mr. Draghi said….”