European Central Bank board member Kazaks: European Central Bank should drop interest rate next month

ChainCatcher news, European Central Bank board member Kazaks said in a TV interview with the Latvian public broadcasting company on Monday that the European Central Bank should drop interest rates next month. He said, “There will certainly be discussions, but I firmly believe that interest rates must be lowered again in December, given the current situation of the European economy.” The European Central Bank has already cut interest rates three times and is expected to do so again next month. PMI data released last Friday showed an unexpected contraction in the eurozone’s private sector economy, with the market betting that the bank may further cut rates by 50 basis points. However, data expected to be released later this week is expected to show that the inflation rate in November will be higher than the European Central Bank’s target of 2%.