European Central Bank policymakers lined up behind further interest rate cuts on Wednesday, indicating that next week's reduction is all but a done deal and further moves will also come even if the U.

The European Central Bank is on track to lower inflation and cut interest rates but needs to have a deep think about how much further and how quickly policy should be eased, ECB board member Isabel Schnabel said over the weekend.

European Central Bank Governing Council member Jose Luis Escriva said another reduction in borrowing costs at next week’s meeting is very probable as recent data confirm the outlook for inflation.

European Central Bank policymakers are likely breathing a sigh of relief that the new U.S. administration did not impose the blanket trade tariffs some had feared and a rate cut next week now seems like a done deal.