The European Central Bank’s headquarters is pictured in Frankfurt/Main, Germany.
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The European Commission raised its eurozone growth forecast as the impact of a weaker euro and unprecedented monetary stimulus help the economy overcome pressure on confidence from the continuing crisis in Greece.Gross domestic product in the 19-nation currency bloc is forecast to increase 1.5 percent this year, up from 1.3 percent in February, according to the commission, the European Union executive in Brussels. Tuesday's report shows that while the eurozone is slowly recovering, France, the bloc's second-largest economy, will not expand as quickly in 2016 as the EU forecast just three months ago.Greece will grow 0.5 percent in 2015, the commission projected. That compares with a 2.5 percent prediction in the EU's most recent forecasts published in February.The commission downgraded its 2016 growth forecast for France, the second-largest economy in the eurozone, after Germany.Earlier this year, the commission allowed France two extra years to meet the EU's deficit target of 3 percent of GDP.The commission predicts growth of 1.4 percent in 2016, compared with its February forecast of 0.6 percent and 1.3 percent, respectively.
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