According to online reports, European Central Bank Governing Council Villeroy said in an interview that falling inflation has enabled the European Central Bank to lower interest rates. In addition, prices are rising at a rate lower than the average wage level, which is also one of the factors in interest rate cuts. Villeroy emphasized that the ECB's interest rate policy decisions are independent of the Federal Reserve. The evidence is that the European Central Bank began cutting interest rates in early June, while the Federal Reserve did not cut rates until three months later. As inflation drops, we will be able to continue to cut interest rates. Markets are currently widely expected that the ECB will cut interest rates by 25 basis points at its next meeting in December, although weaker data raises the possibility of a 50 basis point rate cut.