More European Central Bank interest rate cuts are coming and the deposit rate could hit the so-called neutral level in the first half of next year, Finnish central bank chief Olli Rehn said on Tuesday.

European Central Bank Governing Council member Olli Rehn said a December interest-rate cut is likely and further reductions are possible, but officials should remain cautious and move step by step.

As things currently stand, there is no reason for the European Central Bank not to cut interest rates in December but the decision will be based on the data available then, ECB policymaker Robert Holzmann said in remarks published on Sunday.