ECB's Quaden hinted at further monetary easing in December, when he said that it is likely that the ECB "will have to modify substantially its projections in December for growth and inflation" and that "it is certainly not excluded that the revision of the projections will have consequences on the field of our monetary policy". The comments support expectations for further monetary easing next month. We are looking for another 50 bps, which is in line with consensus expectations.