ECB starts discussing rate cut

A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo

HELSINKI  — The European Central Bank council last week began a discussion on when to reduce interest rates, council member Olli Rehn said on Friday.

“If inflation continues to fall and, according to our estimation, sustainably downwards towards the target, we can close to the summer already slowly start easing our foot off the brake pedal of monetary policy,” Rehn said in a statement.

READ: ECB to hold rates and take baby steps towards first cut

The European Central Bank kept borrowing costs at record high last week but policymakers indicated they were preparing for a first cut in interest rates.