Economic growth is set to pick up in Europe and real wages are rising positively, making it less likely that the ECB will cut interest rates in the coming months, according to analysts. The ECB places a high priority on wages when deciding how much and how fast to ease policy, emphasising that they are a key factor in assessing the inflation outlook. Real wages in the eurozone have been rising for nearly a year. The ECB is expected to leave its main refinancing rate unchanged at 4.25 per cent today, with the prospect of a cumulative 45 basis point cut by the end of the year and a cut of nearly 100 basis points by June fading.