Former Deputy Governor of the Central Bank of Ireland, Stefan Gerlach, said that a rate cut by the European Central Bank in September is "very likely", although its future policy will still depend on data. He expects further weakening of inflationary pressures in the euro area, coupled with natural economic weakness, to allow the European Central Bank to continue to cut interest rates. "The likelihood of a rate cut in September is high," Gerlach said. He is currently the Chief Analyst at EFG Bank. The currency market expects the European Central Bank to cut interest rates by 25 basis points at its next meeting on September 12, with a 64% probability. This will be the European Central Bank's second rate cut this year. Traders believe that the probability of the European Central Bank implementing a third rate cut in 2024 is less than 10%. He said that the upcoming US election may lead to major changes in US economic policy, which will inevitably affect other countries and is a major concern for the European economy.