Frankfurt - European economies can only expect to begin their recovery in 2010, the European Central Bank (ECB) predicted Thursday.

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, published Thursday.

The ECB responded to the economic downturn last week with a 0.25- basis-point rate cut to 1.25 per cent, the lowest interest rate since World War II.

ECB President Jean-Claude Trichet did not rule out further rate cuts. (dpa)