European Central Bank governing council member Axel Weber, the president of Germany's Bundesbank, said Tuesday he would like the euro area's main interest rate to be cut no further than to 1 percent. Speaking at an event at Germany's central bank Weber said his personal view is that the ECB could cut rates again from the current 1.5 percent, but not by much. Weber said Tuesday that the ECB had already made “massive” interest rate cuts, but that the bank could yet deliver more. “These (remarks) underpin our view that the ECB has still room to go but not so much,” UniCredit Economist Aurelio Maccario said in a note to clients after Weber's remarks. “We see no reason to change our call that the refinance rate will bottom out at 1 percent by June, possibly via two 25 basis point cuts,” Maccario said.
