The ECB has already lowered borrowing costs three times since June and is widely expected to do so again next month. Holzmann is one of the most hawkish officials and was the sole dissenter on the initial rate cut. The ECB has already lowered borrowing costs three times since June and is widely expected to do so again next month. Holzmann is one of the most hawkish officials and was the sole dissenter on the initial rate cut. Economic Times