A survey yesterday showed that the region faces its worst downturn since the recession of the early 1990s.
Economic confidence in the 15-country region crashed this month to its lowest since August 1993, the European Commission reported. With inflation also falling rapidly, the ECB has allowed financial markets to assume that its main interest rate will be cut next Thursday from 3.25 per cent to 2.75 or lower.
Public comments by ECB officials show the bank remains cautious about the pace of future cuts, pointing to a half-point reduction next week – the same as in October and earlier this month. But consistently gloomier-than-expected economic news is strengthening the case for a larger cut.
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