Euro Crisis

Europe's Economy Continues To Shrink, Says Central Bank

Not good news


The European Central Bank says the economic fortunes in the euro currency bloc are continuing to shrink, but should advance modestly next year.

The bank kept its key interest rate unchanged Thursday at one-half of one percent as it looks for new ways to boost the eurozone's faltering economy.

Bank president Mario Draghi said policy makers now are projecting the economy in the 17-nation euro currency bloc will contract six-tenths of a percent this year, slightly worse than first thought, but advance by 1.1 percent in 2014.