ECB 'to cut growth outlook

The European Central Bank is likely to lower its growth forecasts for the eurozone, governing council member and Austrian central bank chief Ewald Nowotny was quoted as saying Friday. "There won't be any improvement (in the prognosis), more likely there will be a worsening," Nowotny was quoted as saying by Dow Jones Newswires on the sidelines of an economic conference in Alpbach, Austria late Thursday. The ECB is due to issue its new quarterly staff forecast at its next meeting on September 6. Nowotny was also quoted as saying that differences in growth have "unfortunately" widened between the 17-nation bloc's northern and southern halves. "We see in practically all the southern countries in 2012 negative growth," he said, adding that in France "stagnation" was expected.