The European Commission has opted once again to cut its own 2016 forecasts for inflation and growth in the Euro Area during its winter economic meeting. Brussels announced a revision lower of its inflation forecast to 0.50% for 2016 after anticipating 1.00% in the prior meeting conducted during November. Risks to the economic outlook are mounting as falling oil prices, slowing momentum in emerging and additional possible rate hikes from the United States cloud visibility. The EU Commission also reduced growth estimates for the year to 1.70% from the initial 1.80% while leaving forecasts for 2017 unchanged at 1.90% with inflation anticipated to experience a pick up to 1.70%. ECB President Mario Draghi stated on Thursday, that inflation is being held back by conspiring forces in the global economy while reiterating that policymakers will consider raising rates once inflation nears to 2.00%.