The leader of Germany's central bank, Joachim Nagel, expects a turnaround in interest rates at the European Central Bank meeting in June - but possibly only a single step for the time being.
Nagel, the president of the German Bundesbank, emphasized on Friday that a first interest rate cut cannot be used as the basis for a "kind of autopilot," where the next interest rate cut must follow immediately.
"I wouldn't want to assume that right now," he said, adding that nothing should be rushed and that growth should not be jeopardized.
Nagel made his remarks at the meeting of finance ministers and central bank governors from the G7 wealthy democratic countries in the northern Italian town of Stresa.
"Stable prices are the most important prerequisite for growth in Europe, and we should continue to adhere to this," emphasized Nagel.
He said it will be important to monitor price developments from meeting to meeting.
An initial interest rate cut is now considered likely at the ECB Governing Council meeting on June 6.
