Chief of the European Central Bank, Mario Draghi, warned that Eurozone recovery is likely to be dampened, partly because of Brexit. Euro area GDP rose by 0.3% quarter-on-quarter in the second quarter of 2016. Mr Draghi notes that ‘the risks to the Euro area growth outlook remain tilted to the downside’. However, the ECB raised its forecast for 2016 growth from 1.6% to 1.7%.

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