ECB: eurozone will not grow until 2014 Furthermore, available statistics and indicators pointed to further weakness in activity in the fourth quarter and "over the shorter term, weak activity is expected to extend into next year," he said. Nevertheless, a gradual recovery should start "later" in 2013 as the ECB's low interest rate policy and rising market confidence fed through into household spending, while a strengthening of foreign demand should support export growth, Mr Draghi said. The ECB governing council "continues to see downside risks to the economic outlook for the euro area," he said. These were mainly related to "uncertainties about the resolution of sovereign debt and governance issues in the euro area, geopolitical issues and fiscal policy decisions in the United States," he added. Turning to inflation, the ECB staff projections saw area-wide inflation averaging 2.5pc this year, 1.6pc in 2013 and 1.4pc in 2014. The ECB's overriding priority is to keep eurozone inflation at close to but just below 2pc on a 12-month basis.