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6/3/05

Businessweek: ECB keeps interest rate at 2 percent

ECB keeps interest rate at 2 percentECB keeps interest rate at 2 percent

The European Central Bank kept its key interest rate at 2 percent Thursday, even after voters' rejection of the European Union's planned constitution in France and the Netherlands raised pressure on the bank to help revive the continent's stagnant economies.

The decision came after the ECB cut its growth forecast for the euro-zone to between 1.1 percent and 1.7 percent for 2005, compared with earlier expectations of 1.2 percent to 2 percent. It also trimmed its 2006 growth forecast.

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