According to Jinshi Data, ECB board member Nagel said that if economic data in the next 12 months does not bring unexpected negative impacts, the ECB may further cut interest rates at one meeting or another.

Nagel stressed that the ECB is not on "autopilot" when it comes to cutting interest rates, and needs to remain patient and keep monetary policy within a restrictive range until inflation reaches a stable level of 2%.

He warned against pre-commitments about what might happen in September, noting that wage conditions in the euro zone continued to be “very strong” and that the return to 2% inflation would be “bumpy”.