According to Jinshi, ECB Vice President Guindos said that the euro area's overall and core inflation rates are moving towards the target of 2%, and prices should stabilize by the end of 2025. However, economic data show that risks tend to be downward.

"We can't just claim victory," Guindos stressed in an interview with Spanish radio. Inflation fell below 2% last month and the euro zone is avoiding recession.

Markets are already betting the ECB will have to accelerate the pace of rate cuts, with the next cut coming on October 17.