Most analysts expect the European Central Bank to keep interest rates on hold when it meets on Thursday.
However, many believe the current rate of 3.25% will be reduced over the next few months.
Deutsche Bank economist Ulrich Beckmann forecasts a cut either next week or on March 7.
He says there is a higher probability the reduction will be made next month.
A spokeswoman for Nordea also sees a March cut as more likely, while not ruling out an easing move next week.
"The next move is expected on March 7 or on April 4 at the latest. A rate cut on February 7 cannot be excluded. We estimate a 35% probability for a cut already in February," she said.
Most economists see room for a further easing of ECB monetary policy before the middle of the year. Twenty two out of 34 questioned by AFX News forecasting a rate cut by end-June.
Four see the rate as low as 2.50% at mid-year, with five predicting a 2.75% level, 13 forecasting a 3% rate and 12 an unchanged figure of 3.25%.
Some economists expect the ECB to start tightening policy again in the second half, while others see no rise in rates until 2003.