Jean-Claude Trichet, European Central Bank president, on Monday struck a gloomy tone on eurozone growth and warned against fiscal indiscipline as revisions to the 2003 and 2004 deficit figures put Italy in breach of European Union rules for the first time since 1999.

He said there was "no clear sign" of growth strengthening, while poor consumer confidence, persistently high oil prices and global economic imbalances posed downside risks.