ECB president Jean-Claude Trichet told reporters the bank expected growth of 1% this year and 1.2% in 2011. In March, the ECB had estimated that the euro zone economy would grow by 0.8% this year and 1.5% next year.
Mr Trichet told reporters there was 'unusually high uncertainty' surrounding the recovery, due to renewed tensions in some financial markets.
He also said today that the euro is 'a very credible currency'. The euro has fallen from around $1.43 at the end of 2009 to a little more than $1.20 today. ECB governors decided last month to purchase billions of euro in debt issued by countries like Greece, Ireland and Portugal but the move was opposed by at least one senior official and damaged ECB credibility.