Other council members, however, appear less concerned about inflation, with Ewald Nowotny saying earlier this week that a rate cut was unlikely.
Independent research firm Capital Economics said it believed that a rate cut remained off the table - despite "growing pressure" on the ECB to take further policy action.
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"With the economic recovery still pretty fragile, the euro climbing higher and inflation falling sharply, President Mario Draghi may adopt a slightly softer stance at the ECB's interest rate press conference on November 7. But there appears to be little chance of bolder action in the form of an interest rate cut or more explicit forward guidance," Ben May, Capital Economics' European economist, wrote in a report on Thursday.
Instead, he noted that the ECB could announce policy measures aimed at improving liquidity conditions across the banking industry. These could come in the form of more long-term refinancing operations (LTROs), which see the central bank lend money at a very low interest rate to euro zone banks, in an effort to boost lending to businesses and consumers.
Worries about the level of liquidity were heightened on Friday, following an announcement by the ECB that European banks would repay over 10.6 billion euros ($14,48) of crisis loans early, thereby draining cash from the system.
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Barclays said it expects the ECB to deal with these tightening monetary conditions by announcing another round of LTRO in December.
"With prior euro strength and LTRO repayments tightening monetary conditions recently, and inflation now running dangerously low, the case for easing is pretty clear, in our view," Barclays analysts said in a note. "A December LTRO is the most likely policy response, but a refinancing rate cut is also possible."
However in an interview with CNBC, Nowotny said the central bank would provide more liquidity to avoid a "cliff" effect once the LTROs come to an end.
He refused to comment on what kind of new liquidity provision the bank could introduce – whether it come in the form of another LTRO or shorter-term six month repurchase agreement (repo) arrangement.
Europe's banks have been at the heart of the euro zone's financial crisis, and the ECB has already offered two rounds of cheap, three-year loans.
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