ECB forecasts: GDP seen at 0.9% in 2014 compared with June forecast of 1.0%

• ECB sees 2015 GDP growth of 1.6% to 1.7%
• Sees 2016 GDP growth of 1.9% vs 1.8%

On inflation:

• Sees 2014 inflation at 0.6% vs 0.7% prior
• 2015 inflation at 1.1% vs 1.1%
• 2016 inflation at 1.4% vs 1.4%

For all the talk about the importance of staff forecasts in the decision-making process about QE and rate cuts, these forecasts are hardly changed.