ECB Governing Council member Francois Villeroy de Galhau stated that the European Central Bank will further lower borrowing costs in 2025, and there is still a way to go before monetary policy is no longer restrictive. He said on BFM Business Television on Friday, "There will be more rate cuts next year, and there will be multiple cuts." He added that the central bank has not made any prior commitments regarding specific interest rate paths, but is "quite satisfied with the predictions of the financial markets." The current expectation in the swap market is for an additional rate cut of about 120 basis points by the end of next year.