Bert Ruerup, head of the group know as the five wise men, feels the ECB can cut interest rates to a historic low of 1.5% and maybe even lower because inflation risks have disappeared for now. Indeed Mr Ruerup warns that conditions are such that the bank should infact be mindful of deflation, saying “I see a risk of deflation, but not an acute danger” adding “Deflation is the most disgusting thing an economist can imagine.”