No pickup for eurozone economies before 2010, says central bank

By DPA,

Frankfurt : European economies can only expect to begin their recovery in 2010, the European Central Bank (ECB) predicted Thursday.

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This year, global demand is likely to remain very low since global economies including the eurozone are “in a serious downturn”, the ECB wrote in its monthly newsletter, published Thursday.

The ECB responded to the economic downturn last week with a 0.25 basis point rate cut to 1.25 percent, the lowest interest rate since World War II.

ECB President Jean-Claude Trichet did not rule out further rate cuts.