The headquarter of the European Central Bank ( ECB ) is pictured in Frankfurt am Main, western Germany, on September 3, 2015. AFP PHOTO / DANIEL ROLAND
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The European Central Bank cut its inflation and growth forecasts for the eurozone Thursday and its president said things could get worse.Mario Draghi, the ECB president, pledged to beef up or prolong the bank's bond-buying program if the picture indeed darkened further, although he said no one on the bank's Governing Council had argued for it now.Draghi said the bank's 1 trillion euro-plus asset-buying program was working smoothly, if slowly, and the policymaking Governing Council was ready and willing to take further policy action but decided it would premature to do so now.The ECB forecast that inflation would be a mere 0.1 percent this year, 1.1 percent in 2016 and 1.7 percent in 2017, compared with its June projections of 0.3, 1.5 and 1.8 percent respectively.Draghi confirmed the ECB had cut Emergency Liquidity Assistance to Greek banks for the second time in two weeks.One of the bank's favored gauges of inflation expectations, the five-year, five-year euro zone breakeven forward, has fallen below 1.7 percent from 1.85 percent in July.
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