(Bloomberg) -- European Central Bank Governing Council member Pablo Hernandez de Cos said he expects interest rates to be cut in June if inflation continues to moderate as anticipated. 

“The announcement last week that we have completed our goal of getting inflation to 2% is compatible with a cut in interest rates soon, and that could probably happen in June,” the Bank of Spain governor told El Periodico in an interview published on Sunday.

The first reduction in interest rates could happen then if the main forecasts continue to meet targets in the coming months, he said.

ECB officials are likely to make their first cut in interest rates over the summer, once they’re assured that inflation is returning sustainably to the 2% target. ECB President Christine Lagarde said earlier this month there was a definite deceleration in consumer prices but she wasn’t confident enough to begin monetary easing.

Read more: ECB Officials Back June Cut With Some Keeping Door Open to April

ECB Governing Council members have recently spoken out about the matter with Yannis Stournaras telling Bloomberg News he’d like to see two rate cuts before the August break, and Olli Rehn seeing several reductions in borrowing costs this year, according to a YLE TV1 interview. 

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