European Central Bank Governing Council member Joachim Nagel said on Thursday he believes that there might be a chance that the ECB can reduce interest rates further at one or the other meeting if the data remain the same over the next twelve months.
The official noted that the ECB's policymakers are not on autopilot on rate cuts and stressed that they should be patient and keep monetary policy in restrictive territory as long as inflation in the Eurozone is not at 2%.
Nagel, however, acknowledged that there is no more greedy inflation beast but admitted that euro-area wage development is still very robust.
In addition, he highlighted that the ECB policymakers are taking decisions on a meeting-by-meeting basis and they can't pre-commit on what may happen at their September meeting.