Eurozone: ECB should keep cutting rates

The European Central Bank is expected to take a breather from rate cuts this week. After January’s half percentage-point reduction to 2%, ECB president Jean-Claude Trichet said the next «important rendezvous» of the bank’s chiefs would be in March. But dire money and credit data over the past week ought to shake the ECB from its complacency. Inflation, at a record 4% in July, now seems certain to yield to deflation in coming months. The ECB targets inflation of just under 2%, but it was 1.1% in...