ECB board member confirms more cuts

EUROPEAN BANK COUNCIL member Marko Kranjec said the bank has already signalled it will cut interest rates further.

“ECB president Jean-Claude Trichet said at the last meeting of the Governing Council that rates will have to be lowered again,” Kranjec, the Slovenian central bank governor, told reporters.

Investors are betting the bank will lower rates by at least 75 basis points at its next policy meeting on December 4.