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Eurozone weakening

The Eurozone is experiencing a massive weakening in its economy not least due to a slowdown in its biggest member, Germany, a senior ECB policy maker said today.

"We see a massive weakening in the euro zone economy," Ewald Nowotny (right), a member of the ECB's Governing Council, told a conference in Frankfurt.

Nowotny said that the European Central Bank had struck a middle ground in its monetary policy, between extremes in the United States that called for full-blown money printing and others.