European Central Bank Governing Council member Nicholas Garganas on Monday declined to discuss the euro zone economy or monetary outlook in the days ahead of the ECB's policy-setting meeting. The ECB meets on Thursday amid intense speculation it will warn that downside risks to recovery predominate, or even cut interest rates. Policymakers traditionally remain quiet in the week before a monetary policy meeting. Asked about the ECB's monetary stance at a news conference to unveil the Greek central bank's annual report, Garganas said: "With one week left before the council meets, there is no way I will make any comment." In presenting the Greek central bank's report, he said economic recovery in the euro zone began in the third quarter of last year and a limited acceleration is forecast for this year, with inflation easing to levels slightly below two percent. This outlook is in line with the ECB's official forecast. The Greek central bank said this economic commentary was based upon European Union projections compiled in October 2003 and on the ECB's December 2003 projections -- not upon updated information.////