EnglishThe new president of the European Central Bank (ECB), Mario Draghi, who took over this position on Monday, from Jean-Claude Trichet, is expected to boost the bank's efforts to battle the Eurozone's debt problem by cutting key refinancing rates in the next few months, Russian analysts, quoted by press agency RIA Novosti say.
"We expect the ECB to lower the interest rate this week, or in the next meeting of the Governing council, which will take place in December 2011", Alexei Moiseev, analyst at "VTB Capital" said.
The ECB recently raised the interest rate twice this year, in April and July, becoming the first bank that took such steps after the amplification of the financial crisis. In September, the ECB made the decision to keep the interest rate unchanged, at 1.5%, amid concerns over the economic recovery of the Eurozone.
Alexei Moiseev stresses that Trichet, who led the ECB for eight years, shouldn"t have raised the interest rate this year and deems the move as ineffective.
Serghei Karykhalin, analyst at "TKB Capital", says that the ECB will soften its monetary policy and the key rate will be reduced to 1% at the end of the current year.
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