10/06/2003 (Agence Europe) - The euro zone economy is expected to be slow this year with only 0.8% growth, and growth of 1.9% is forecast for 2004, announced the chief economists of the European Banking Federation (EBF). Lack of vitality in demand and exports, fears for employment: - the Federation states that "such an accumulation of negative fundamentals in Europe has never happened before in post-war history". It warns that, if the period of extremely low growth in Germany continues, "the negative risks seem more likely to materialise". Also, the Federation advises the German government to boost growth. The EU banks state they are pleased with the current value of the euro and do not foresee deflation in the twelve countries of the euro zone. In the event of economic recovery, economists put their faith in the European Central bank (ECB) to rapidly react by raising interest rates, before the emergence of inflationary pressure.