Early indications from business surveys suggest that the euro-zone economy has continued to grow at a steady but slow pace at the beginning of the fourth quarter. For example, the composite PMI remains consistent with quarterly growth of 0.4%, similar to that seen in Q2 and probably Q3. Nonetheless, with the boosts from lower commodity prices and the euro set to fade in the coming quarters, and inflation pressures still exceptionally weak, the European Central Bank remains likely to provide further policy stimulus at its next meeting in December.
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