Commerzbank economist Joerg Kraemer said it was risky for the ECB to accelerate the pace of interest rate cuts given the current sharp rise in wages. Weaker leading economic indicators, combined with lower energy-related inflation, seem fairly certain that the ECB will ease monetary policy further at its next meeting in December. However, wage growth remains well above the ECB's inflation target and could push underlying inflation up again in the medium term. In this regard, it is risky to cut rates today, just five weeks after the last cut.