The ECB's forecasts for growth and inflation are based on the premise that the bank's base lending-rate will rise by half a percentage point to 4 per cent during the course of the year. It last rose, to 3.5 per cent, in December.
Most economists expect a quarter-point rise on Thursday and many predict the ECB's governing council will decide a similar increase in May, June or July. A few observers even see rates hitting 4.25 per cent in the latter half of the year.
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