The Governing Council of the European Central Bank (ECB) might consider a further rate cut at its next meeting on December 4, Ewald Nowotny, Austria's central bank chief and member of the ECB council, said Friday in Vienna, according to dpa. The expected substantial slowdown of inflation in the eurozone "provides room for further interest rate movements," Nowotny was quoted by Austrian news agency APA as saying. The Governor of the Austrian National Bank did not say by how much rates might be cut, but stated that the ECB was open for discussions. The ECB last lowered its rate by 50 basis points to 3.25 per cent on November 6. Eurozone inflation slipped to 3.2 per cent in October from 3.6 per cent in September on falling oil prices, according to data released by Eurostat earlier in mid-November.
