ECB unlikely to do more for stagnant Eurozone


The European Central Bank is not expected to offer further help to the 17-countries that use the euro when it holds its monthly rate-setting meeting on Thursday - even though their economy desperately needs a lift.

Analysts say the bank will leave its key interest rate unchanged at a record low 0.75 percent, and stick to its position that it has done all that it needs to - and now it's up to governments to get things moving by fixing their shaky finances and cutting the bureaucracy and regulations that block stronger growth.

The eurozone definitely could use a push. The economy shrank 0.3 percent in the second quarter, and the European Union's executive commission predicts it will shrink 0.4 percent this year, and, perhaps more alarmingly, barely grow at 0.1 percent next year. That means downturns and high unemployment into 2014 at least.

Five eurozone countries are in recession - Italy, Spain Portugal, Greece and Cyprus.