A top European Central Bank official said the 17 countries that use the euro will probably see a "very mild recession" this year, according to AP. Benoit Coeure told Japan's Nikkei newspaper that growth was held back by scarce bank credit and necessary government budget-cutting because of problems with debt in some eurozone countries. Coeure said that higher oil prices and taxes had led the bank to raise its outlook for inflation but that temporary "higher energy prices should not have a lasting impact on inflation." The eurozone economy shrank 0.3 percent in the fourth quarter, and two quarters of negative growth is one definition of recession. The ECB's staff projections foresee growth between minus 0.5 percent and plus 0.3 percent this year.
