ECB slashes growth forecasts

  • 2020 GDP 1.6% vs 1.7% prior
  • 2021 GDP 1.5% vs 1.5% prior

Inflation:

  • 2019 1.2% vs 1.6% prior
  • 2020 1.5% vs 1.7% prior
  • 2021 1.6% vs 1.8% prior

Brutal cuts to everything. Ugly picture. Back in December, the ECB also lowered its forecasts so this is the second downgrade in less than three months.