The Eurozone risks “sleepwalking” into making too many interest rate cuts and needs to stand ready to stop lowering borrowing costs soon, the head of Belgium’s central bank has said.
Markets widely expect the European Central Bank to cut its benchmark deposit rate from 2.75 per cent to 2 per cent by the end of the year, amid signs of weak growth in the region.
While most rate-setters are expected to back another 25 basis-point cut at the next policy vote on March 6, some on the 26-member governing council have become concerned that the ECB is becoming boxed in by market expectations and think another lowering in borrowing costs in late April is far from guaranteed.
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