The ECB has worsened the forecast of GDP growth in the euro zone.

Reduction of eurozone GDP in 2009 range from 2,2 to 3,2 per cent, reports Bloomberg referring to the official forecast of the European Central Bank (ECB). Earlier, the ECB predicted the decline in the level of zero to one percent. In 2010, the Central Bank expects GDP changes from 0,7 to minus 0,7 protsenta.Po the results of 2008, growth in the eurozone economy was the same 0.7 percent. But in the last quarter of the decline was recorded in one and a half per cent, and the economic outlook in the euro area continues to deteriorate.
In January the European Commission has predicted that eurozone GDP will grow in 2009 at 0.1 percent.
According to the chairman of the ECB Jean-Claude Trichet, inflation in 2009 will be in the euro area from 0,1 to 0,7 per cent and in 2010 will not exceed a half percent. This is due to falling commodity prices worldwide. For example, the price of oil, compared with a peak in July 2008, fell in three-plus times.
March 5, the ECB decided to reduce the base rate refinancing to 1,5 per cent, which is a historical minimum. The decision was taken because of the need to alleviate the financial policies in a worsening economic crisis in the euro zone. At the same time, Jean-Claude Trichet said that the decline in rates may not last.