i think there will be an ecb rate cut, but it will come totally unexpected, ireland, spain and italy cannot cope with the euro being so high on international markets, but i think the ecb will wait longer than anyone expects in order to ensure that the property and financial bubble is truly killed off and will not reflate, if they dont cut they run the risk of a banking collapse in one of these countries and a forced exit from the euro, the euro is not a robust currency and the markets will soon realise this