According to Odaily, European Central Bank (ECB) Governing Council member Olli Rehn has indicated that the weakness in the Eurozone's manufacturing sector may not be as temporary as some had anticipated. The sluggish economic growth indicators have increased the likelihood of another rate cut by the ECB in September.

Rehn stated that the recent rise in negative growth risks in the Eurozone strengthens the case for a rate cut at the ECB's next monetary policy meeting in September, provided that anti-inflation measures are indeed on track.