``Downbeat data have pushed the European Central Bank closer to more drastic action to keep the hesitant recovery from stalling completely... The recent data, coupled with turmoil in Ukraine and the Middle East, has shaken confidence in the ECB's outlook that modest growth will continue. The ECB launched a raft of measures in June, including a cut in its benchmark interest rate to a record low of 0.15 percent and an offer of cheap loans to banks that are willing to lend to businesses. Officials have said they want to wait to see how those steps work. But signs are growing that the ECB and its president, Mario Draghi, may not have that luxury.''

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