ECB Executive Board: Will have to cut interest rates again in December

On November 25th, European Central Bank Committee Member Kazaks said in a TV interview with Latvian Public Broadcasting Corporation that the European Central Bank should drop the interest rate next month. He said, 'Of course, there will be discussions, but I firmly believe that a rate cut is necessary in December given the current economic situation in Europe.' The European Central Bank has already lowered 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 private sector economy, and the market expects the bank to further cut 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%.