European Central Bank (ECB) president Mario Draghi yesterday said weak consumer and investor sentiment had forced him to revise down eurozone growth forecasts for this year and next.
His comments came as the ECB held the benchmark eurozone interest rate at a record low of 0.75 per cent.
The Bank of England also held back from prescribing further emergency medicine to the economy despite gloomy signs that the recovery is stalling. Its monetary policy committee kept interest rates at their record low of 0.5 per cent as official figures revealed the country’s trade deficit widened markedly.