"We need to remain highly data-dependent and err on the side of doing too much rather than too little," ECB executive board member Isabel Schnabel said in a speech in Luxembourg.
The ECB has hiked rates at the fastest pace ever over the past year in a bid to cool inflation after Russia's war in Ukraine sent energy and food prices surging. Another rate hike at the next meeting in July was"very likely" unless there was a"material change" to the economic outlook, president Christine Lagarde said at the press conference last Thursday.
But he said the ECB's next moves would depend on incoming data, and it was too early to speculate on what policymakers might decide at their September meeting."That's months away in terms of all the data we're going to learn," he added.