Slide in Government bond yields adds to bets the ECB will cut official rates early next year

Central bank governors on Friday continued to talk down prospects for first ECB rate cut in spring

High interest rates are inflicting pain on commercial construction and manufacturing

The costs for Ireland's Government along with most of the rest of the eurozone to tap money from the international debt markets tumbled on Friday—in a further sign the European Central Bank will find it tough to hold the line against cutting official interest rates early next year. 

There is growing scepticism among financial markets that the ECB will be able to hold rates at the current elevated levels much beyond March, as the evidence builds of the harsh effects that rate hikes are inflicting on Europe's manufacturing industries.