European Central Bank cuts growth and inflation forecasts

The European Central Bank has announced it will be keeping interest rates unchanged, but warned that risks continue to be tilted towards the downside.

The bank downgraded its Eurozone's GDP forecast for 2013 to -0.6 per cent from -0.4 per cent, and for 2014 to 0.9 per cent from 1.0 per cent.

It also revised down annual inflation expectations to 1.5 per cent in both 2013 and 2014 (from 1.6 per cent and 1.7 per cent respectively). The bank expects inflation to remain below, but close to, two per cent over the medium term.

See the live blog for more details.