European Central Bank board member Panetta suggests that the eurozone has essentially defeated inflation.

Fabio Panetta, a member of the European Central Bank's governing council, suggested that inflation is now under control and warned that further interest rate cuts should be carefully considered. Panetta praised the progress made by policymakers in combating inflation, but also cautioned that decisions on whether to continue cutting interest rates will not become any easier from now on. "The decline in inflation has not had a severe impact on the economy and is now coming to an end," Panetta said in his annual speech to Italy's financial elite in Rome. "Previous rate cuts have clearly reduced the room for further cuts in the future. However, the macroeconomic outlook remains weak, and trade tensions could worsen it further."