Eurozone private sector lending falls The data are further evidence that the central bank's injection of €1tn into the economy since December through long-term lending has done little so far to oil the wheels of lending to businesses in many eurozone countries, although it has helped to ease funding tensions for banks. Many analysts expect the ECB to consider a quarter-point interest rate cut next week, taking its main interest rate to a historic low. Comments from policy makers at the bank in recent days have made clear they would be prepared to see the main interest rate move below 1 per cent. Inflationary pressure also appears subdued, with a eurozone inflation rate expected for June of 2.4 per cent, the same as in May, EU statistics showed on Friday. The ECB has been concerned by evidence in recent weeks of a renewed slide in confidence and tumbling growth prospects, and this month Mario Draghi, president, said there were "increased downside risks" to the economy. This week the European Commission's index of economic confidence in the eurozone also reached its lowest point in more than 2½ years. However, the ECB has also made clear that eurozone political leaders bear responsibility for solving the region's debt crisis. The content of this week's summit deal - and market reaction to it - will also influence the bank's decision whether to cut rates.