European Central Bank policymakers lined up behind further interest rate cuts on Wednesday, indicating that next week's reduction is all but a done deal and further moves will also come even if the U.

European Central Bank Governing Council member Jose Luis Escriva said another reduction in borrowing costs at next week’s meeting is very probable as recent data confirm the outlook for inflation.

The European Central Bank is on track to lower inflation and cut interest rates but needs to have a deep think about how much further and how quickly policy should be eased, ECB board member Isabel Schnabel said over the weekend.

European Central Bank interest rates will keep falling as policymakers are confident that inflation will stabilise at the bank's 2% target, Finnish central bank chief Olli Rehn said on Wednesday.

Slovakia’s ECB Governing Council member Kazimir believes that there will be another rate cut at the central bank’s January 30 meeting followed by another two or three back-to-back moves given the data.