Inflation is approaching the European Central Bank's 2% target, and how much lower the rates will go depends on data confirming inflation is converging towards that target in a sustainable manner, the bank's vice president told Slovak newspaper Hospodarske Noviny.

The European Central Bank is likely to lower borrowing costs beyond its next meeting, according to Governing Council member Gediminas Simkus.

European Central Bank interest rates have room to fall further given weak growth and a slowdown in inflation, but uncertainty is so high that any more precise guidance on rates would be unrealistic, Slovak policymaker Peter Kazimir said on Monday.

The central bank cut rates by a quarter point, as it rushes to brace a stagnant economy against President Trump’s threatened tariffs.