The European Central Bank (ECB) reiterated on Thursday that it is still unknown if the Governing Councill will perform another cut in the institution's interest rates in December and stressed the importance of the incoming data for the final decision.

In the minutes from the council's meeting on October 16 and 17, its members agreed to a reduction that month as it was obvious "the disinflationary process was well on track" despite an expected rise in the coming months. Still, the ECB also predicted the figure will go down to its target of 2% in 2025. On the weak economic growth in the Eurozone, the bank said it "primarily reflected structural rather than cyclical demand factors, outside the realm of monetary policy."

The council stressed that "the downside surprise to inflation" is temporary, another cut could be expected in December. However, if "a more persistent weakness" is determined, it would rule against it.