Nomura economists George Buckley and Andrzej Szczepaniak stated in a report that the disagreements among members of the European Central Bank's governing council may significantly increase in the second quarter of 2025. The committee members will have differing opinions on what the neutral interest rate level is and whether rates should be below this level. It is expected that the European Central Bank will have to lower interest rates below neutral to support the economy. The eurozone's economic growth is weak, and the harmonized inflation rate is expected to average below 2% in 2025 and 2026. By September 2025, the European Central Bank's deposit rate is expected to drop from the current 3.00% to 1.75%, and possibly even further.