In a televised interview with Latvia's public broadcaster on Monday, Mr. Kazakis, the ECB's governor, said the central bank should cut interest rates next month. "Of course there will be discussions, but I firmly believe that the current situation in the European economy requires another rate cut in December," he said. The ECB has already cut interest rates three times and is expected to cut rates again next month. PMI data released on Friday showed an unexpected contraction in the eurozone's private sector economy, with markets betting that the bank could cut rates by a further 50 basis points. However, data later this week are expected to show that inflation in November will be above the ECB's 2 percent target.