Falling inflation has allowed the ECB to lower interest rates, and prices are rising faster than average wages, which is also a factor in the rate cut, Villeroy said in an interview. Villeroy stressed that the ECB's interest rate policy decisions are independent of the Federal Reserve. The evidence is that the ECB started cutting interest rates in early June, and the Federal Reserve did not cut interest rates until three months later. As inflation falls, we will be able to continue to cut interest rates. The market is widely expecting the ECB to cut interest rates by 25 basis points at its next meeting in December, but weaker data raise the possibility of a 50 basis point cut.