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ECB's Nowotny: Eurozone 2015 growth outlook could be downgraded

FXStreet (Łódź) - ECB Governing Council member Ewald Nowotny said on Friday that global growth is slowing down and that the 2015 GDP outlook for the Eurozone could be cut from the current 1.6% level.

The ECB policymaker attributed the persistent low inflation in the region to the drop in oil prices, although he didn't see it as harmful to the Eurozone economy. He also implied that the weakening of the euro is a positive development. He expressed worries with the fall in lending to companies but suggested that it should pick up again in November when the new banking supervision reduces uncertainty.

As far as the ECB's monetary policy is concerned Nowotny suggested that interest rates "can't go much lower" and reiterated that the notion that the ECB is becoming an ABS bad bank is "silly." He also assured that the central bank could adopt additional measures if necessary.

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