The President of the European Central Bank , Christine Lagarde, has told RTÉ that there is a ‘strong likelihood’ of an ECB interest rate cut in the coming weeks"if the data that we receive reinforces the confidence level that we have."
When the ECB lowers its rates, borrowing money becomes less expensive for banks, leading typically in the medium-term to lower mortgage rates and borrowing costs for bank customers across the eurozone. Ms Lagarde and more than 20 members of the ECB governing council are in Ireland for a two-day retreat in Kilkenny, where the ECB’s wider monetary policy is expected to be discussed in private.
"The forecast that we have for next year and the year after that is really getting very, very close to target, if not at target. So, I am confident that we've gone to a control phase," she said.
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