European economies can only expect to begin their recovery in 2010, the European Central Bank (ECB) has predicted. This year, global demand is likely to remain very low since global economies including the Eurozone are “in a serious downturn,” the ECB wrote in its monthly newsletter. The ECB responded to the economic downturn with a 0.25- basis-point rate cut, to 1.25 percent, the lowest interest rate since World War II. ECB analysts warned that financial market turbulences over the past two years could take a greater toll on the real economy.