From a Reuters piece on how our soft patch became global quicksand (emphasis mine)…
The next significant step may come in early October, when the European Central Bank holds a policy-setting meeting. Some economists are predicting a rate cut, which would mark an abrupt about-face for a central bank that was warning about inflation risks just a couple of months ago.
“It seems bizarre that the Fed has been easing monetary policy, partly on concerns about Europe, and yet the ECB, in the midst of a sovereign debt crisis, has hiked rates twice since April,” said Nomura economist Paul Sheard.
The question is not “will they cut rates in Europe?” Rather, it is “will they wait until October 6th?”