The European Central Bank may take further steps to cut interest rates even as presumptions increased that interest rates will remain unchanged at 1.5 percent.

ECB President Jean-Claude Trichet is expected to push more liquidity into the market before cutting rates, economic analysts forecast.

The worsening crisis has driven the ECB to consider bringing back a six-month euro funding scheme, which some market forecasters say may be extended depending on the necessity.

The ECB has already insinuated that it is ready to implement again the 12-month lending operation last used in late 2009. Proposals have also been made for the institution to restore its program for purchasing covered bonds.

As a derivative investment, the covered bond is popular in Europe but scarce in the U.S. market. They are believed to be safer than asset-backed and mortgage-backed securities since the bonds are funded by cash flow coming from an investment pool.

The ECB initially acquired covered bonds between 2009 and 2010 in a year-long, 60 billion euro program.

Goldman Sachs said they "could even envision such a program being expanded beyond secured bank debt" if another one was introduced.

Goldman also said "euro zone consumer price inflation is currently at 3.0 percent -- the highest level in almost three years - making an immediate rate cut a more difficult sell for the ECB," Reuters reported.

In a survey conducted by Reuters last week, 75 percent of economists envisaged that rates will not be changed while the rest were looking forward to a decrease.

In a meeting last month, the ECB changed direction and placed its rate hikes, which began in April as the first major central banks on hold, saying that euro zone inflation risks were largely balanced, Reuters reported.

Tom Rogers of Oxford Economic Forecasting declared that the ECB should bring down interest rates below 1 percent if the Euro zone is headed for a recession.