ECB's Mersch says to discuss flexibility of instruments in December

Adding that the ECB is in 'full agreement' on the need to "recalibrate"

I'm sure we will get some idea of what the ECB is planning from leaked reports in the coming weeks but for now, perhaps all options are on the table.

However, I'm still taking the side that rate cuts are arguably the less preferred option at this point in time and if the ECB can avoid that, then they would.