Frankfurt, 08/08/2003 (Agence Europe) - In its report for August 2003, the European Central Bank, asserted that recent and monetary developments confirm that the direction of current monetary policy is appropriate (therefore no expectations of a further lowering in interest rates, following the reduction in June to the historically low level of 2% (EUROPE 6 June p 12). The ECB has interpreted increasing indications of a gradual recovery in economic activity in the second half of 2003 and...