FRANKFURT (MNI) - As the euphoria surrounding the robust German and Eurozone growth in the second quarter wears off, policy-makers have made it clear that some turbulence is to be expected in the recovery ahead.

These prospects lend weight to officials' comments that December is the earliest date at which the European Central Bank will decide on how to phase out its remaining non-standard liquidity measures. And, if the economy takes a turn for the worse, the bank might further postpone action, unless the price stability outlook worsens.

BRUSSELS (MNI) - European Union rules on debt and deficits should be incorporated into each member state's national law, leading business lobby group Business Europe said on Friday.

"An individual obligation towards discipline and stability, and a collective drive to reform, are essential," BusinessEurope's President Jurgen Thumann wrote in a letter to Belgian Prime Minister Yves Leterme, who currently holds the rotating presidency of the European Union.

FRANKFURT (MNI) - The idea of Greece leaving the Eurozone is "absurd" and would only serve to increase the country's debt burden, European Central Bank Executive Board member Lorenzo Bini Smaghi said Thursday.

By Emma Charlton

BRUSSELS (MNI) - The European Commission is set to revise upward its forecasts for growth this year when it updates its projections on September 13, economists said.

In its previous set of forecasts, published in May, the Commission predicted Eurozone annual gross domestic product growth of 0.9% this year after a contraction of 4.1% in 2009. That now looks out of date after second quarter growth steamed ahead, powered by Germany.

FRANKFURT (MNI) - Deutsche Bank is planning to raise E8 billion to E9 billion via a rights issue in order to meet new capital and liquidity requirements being hammered out in Basel, the Financial Times reported Friday.

The newspaper cited people close to the plan as saying that Germany's biggest bank could announce the offer by Monday or Tuesday, and that it could prompt other banks around the world to follow with similar fund raising exercises.

FRANKFURT (MNI) - The following is the brief statement issued by the Bundesbank Thursday:

FRANKFURT (MNI) - The following is the brief statement issued by the Bundesbank Thursday:

Executive Board of the Deutsche Bundesbank submits application for the dismissal of Dr Thilo Sarrazin

The Executive Board of the Deutsche Bundesbank today took a unanimous decision to submit to the Federal President an application for the dismissal of Dr Thilo Sarrazin from the Executive Board. The Deutsche Bundesbanks corporate governance officer, Professor Uwe Schneider, fully supports this application.

** Market News International **

FRANKFURT (MNI) - Neither inflation nor deflation risks are likely to materialize in the Eurozone, European Central Bank President Jean-Claude Trichet told the Financial Times in an interview pre-released Thursday.

The mood at present in regard to the United States economy is overly negative, said Trichet, who told the paper the ECB will gradually phase out its non-standard measures as markets stabilize.