ECB moving towards rate cut, Italy's Panetta says

ROME (Reuters) - The European Central Bank (ECB) is moving towards an interest rate cut as inflation is falling rapidly and approaching the bank's 2% target, Bank of Italy Governor Fabio Panetta said on Monday.

Addressing an event in Rome, Panetta said the inflation trend was making a rate cut "possible."

"The consensus emerging - especially in recent weeks - within the ECB governing council points in this direction," he said.

(Reporting by Giuseppe Fonte, editing by Gavin Jones)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Indonesia wildfires damage nearly 95,000 hectares of land in July alone, minister says
• Meta faces 29-state trial that could reshape Instagram and Facebook
• What to watch for in Tuesday's voting in Florida, Alaska, California