The European Central Bank is meeting in Frankfurt, Germany, and may reduce the rate it pays to financial institutions for stashing cash at the central bank overnight. The ECB is trying to encourage banks to increase lending. "Today's meeting would be the perfect opportunity to slash the deposit rate, given they've talked about it so much," said Jacques Cailloux, chief euro-area economist at Royal Bank of Scotland. "The ECB might think it's the only way to take away banks' incentive to park the money with it and not lend to each other."

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