Outside view shows the Euro sculpture in front of the headquarters of the European Central Bank (ECB) in Frankfurt September 18, 2008. REUTERS/Alex Grimm
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European Central Bank officials agreed that a cut to their 2019 growth projection in itself acknowledged that risks to the outlook for the euro-area economy had increased. That effectively allowed President Mario Draghi to avoid saying in December that the balance of risks was to the downside, which would have jarred alongside a decision to halt bond buying after almost four years. Minutes from the Federal Reserve's Dec. 18-19 meeting showed Wednesday that policymakers could place interest rates in the U.S. on hold through March as they wait for clarity on risks to global growth that could affect the economy.Since the ECB's last policy meeting, consumer and business confidence in the euro area recorded the worst losing streak in a decade.
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