ECB cuts growth, inflation forecasts for 2015-2017

The European Central Bank on Thursday cut its forecasts for both economic growth and inflation in the single currency area over the next few years. The ECB, in its regular staff projections, was pencilling in growth of 1.4 percent for 2015, 1.7 percent for 2016 and 1.8 percent for 2017, president Mario Draghi said. "The economic recovery is expected to continue, albeit at a somewhat weaker pace than expected earlier," the ECB said.