ECB under pressure to cut interest rates

The European Central Bank (ECB) has come under increasing pressure to cut interest rates across the eurozone this week.

The ECB has been urged to cut rates to a record low of one per cent following suggestions from Commerzbank's chief analyst that the German economy could contract by seven per cent this year alone.

Cutting interest rates could help to ease the pressure on businesses in Europe, while providing people transferring money to the euro with the chance to pick up some cheap loans or mortgage deals.

"The recently released January order intake and production data plunged at a dramatic pace that has no precedent in Germany's post-World War Two history," said Joerg Kraemer, Commerzbank's chief economist.

He explained the slowdown would have a major impact on the German economy and as such urged the ECB to slash interest rates.

People making an international transfer will have to wait until later this week to find out whether the ECB will bow to the pressure on interest rates.

Despite the economic gloom in Europe, one expert has suggested the Spanish property market could offer some bargains for people considering making an international money transfer.

Adam Samuel, director at overseas property resource Nubricks.com, explained that the Spanish property market has been suffering a downturn since 2005 and as such property values have been cut considerably to get buyers interested in the sector.

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