Golden Finance reported that ECB board member Kazaks said in a television interview with Latvian Public Broadcasting Corporation on Monday that the ECB should cut interest rates next month. He said, "Of course there will be discussions, but I firmly believe that given the current situation of the European economy, interest rates must be cut again in December." The ECB has cut interest rates three times and is expected to cut interest rates again next month. PMI data released last Friday showed an unexpected contraction in the eurozone private sector economy, and the market is betting that the bank may further cut interest rates by 50 basis points. However, data released later this week is expected to show that inflation in November will be above the ECB's 2% target.