ECB policymaker Yannis Stournaras has urged caution among European Central Bank policymakers, advising them to avoid significant changes in upcoming rate decisions.

Stournaras, who is a member of the ECB’s Governing Council, stated that any decision made would be grounded in data.

He explained that this was due to the fact that they had already reached the upper limit, and were near the maximum increase. The ECB is set to meet in May.

“Close — I didn’t say we have reached it yet, but we are converging toward it,” said Stournarasthe on ERT Televison.

European Central Bank officials are cautious about making definitive statements regarding the expected rate increase on May 4.

Key data on inflation and bank lending will be available to policymakers two days before the meeting. Bank of Greece head and ECB policymaker Yannis Stournaras stated that Euro-area inflation has remained stagnant since October, hovering around 10%.

Stournaras anticipates a deceleration in inflation to approximately 3% by the end of the year, with further decreases expected in 2024.