ECB governing council member Centeno stated that the ECB is not in a hurry to further cut interest rates.

Gate News bot reports that, according to Bloomberg, European Central Bank (ECB) Governing Council member Mario Centeno stated that after eight rate drops in a year, the ECB is not in a hurry to further lower borrowing costs.

Scentno said on Wednesday that while the inflation rate has now reached the 2% target, which is “very good news,” policymakers remain cautious. He stated that officials are tracking “all possible data” as well as assessments of the economies of the 20 countries in the Eurozone.

The president of the Central Bank of Portugal stated in an interview with Bloomberg Television that the current situation “does not mean we need to hastily” further drop interest rates. “We need to observe the data, we need to observe the developments.”

European Central Bank President Christine Lagarde stated that after lowering interest rates by 200 basis points, the easing policy is about to end, and investors expect a pause on July 24. This is just a few days away from Centeno’s first term ending, and he cannot guarantee a second term.

Lagarde reiterated on Tuesday that the European Central Bank is currently in a favorable position to respond to the current uncertainties, particularly those stemming from U.S. trade policy. Centeno stated that weak growth in Europe could jeopardize the European Central Bank’s price targets.

“If economic growth slows slightly, whether a 2% inflation rate can be sustained is always a concern,” he said during the European Central Bank’s annual meeting held in Sintra, Portugal. He emphasized that the output data for the second quarter will be critical.