European Central Bank president Jean-Claude Trichet says another cut in the bank's key interest rate is "possible" next month.
At a banking conference in Madrid on Monday, Mr Trichet said financial market turmoil was putting pressure on economic growth in the short-term, which was easing inflation fears.
The bank cut its main lending rate by 0.50 percentage points to 3.75% on 8 October as part of a co-ordinated action by a number of central banks to avert a collapse of the banking system.
It is next due to meet on 6 November.
Eurozone inflation fell to 3.6% in September after a peak of 4% in June and July.
