ECB’s Rehn: Pace and scale of rate cuts will be decided meeting by meeting

European Central Bank (ECB) policymaker Oli Rehn said in a speech on Tuesday that the “pace and scale of rate cuts will be decided meeting by meeting.”

Additional comments

Sees euro area inflation rate stabilizing at ECB 2% target during 2025.

The direction of monetary policy is clear, rate cuts have begun.

Our monetary policy stance is becoming less restrictive.

Draghi report is a necessary wake-up call to all Europeans about Europe's low growth.

Draghi report will provide a good basis for next commission work programme.

Market reaction

EUR/USD is defending 1.1100 following these comments, down 0.23% on the day, at the press time.