EU Pares Forecast, Urges Rate Cut
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The European Commission cut its economic growth forecast and called on central bankers to reduce interest rates in case a war against Iraq deals a further blow to consumer and business confidence.
The euro region will grow about 1% in 2003, down from a forecast of 1.8% and close to the nine-year low of 0.7% in 2002, the commission said.
The European Central Bank cut its benchmark interest rate by a quarter point to 2.5% on March 6 as consumer confidence tumbled to the lowest in more than six years. Another quarter-point reduction would take borrowing costs in any euro country to the lowest since at least 1948.
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