The ECB cut interest rates for the second time in a row, speeding up the pace of interest rate cuts to support an economy that is increasingly showing signs of weakness. The ECB is now more concerned about supporting economic growth than curbing inflation. Europe faces a different set of problems than the US, where growth is strong. After a brief recovery in the first half of this year, the Eurozone economy appears to have declined somewhat this summer. Germany, the largest economy in the Eurozone, has had little growth since before the outbreak of the pandemic. The signals for the next few months don't look promising. The Eurozone PMI fell to a contraction range last month for the first time since February.

The ECB cut interest rates for the second time in a row, speeding up the pace of interest rate cuts to support an economy that is increasingly showing signs of weakness. The ECB is now more concerned about supporting economic growth than curbing inflation. Europe faces a different set of problems than the US, where growth is strong. After a brief recovery in the first half of this year, the Eurozone economy appears to have declined somewhat this summer. Germany, the largest economy in the Eurozone, has had little growth since before the outbreak of the pandemic. The signals for the next few months don't look promising. The Eurozone PMI fell to a contraction range last month for the first time since February.