Centeno, one of the bank's most outspoken policy doves, said even that might not be enough and the ECB may have to go below the neutral level - which no longer restricts economic growth and which most economists believe to be between 1.75% and 2.25%.

The European Central Bank may need to cut interest rates below neutral levels to stimulate economic growth, Governing Council member Mario Centeno told Reuters in an interview.

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 should ease policy at a measured pace to balance the risk of needlessly depressing growth and fuelling excessive inflation, ECB chief economist Philip Lane argued on Wednesday.

The European Central Bank should avoid excessive caution in lowering its key interest rate, but must also be alert to signs that inflation is taking longer than expected to fall to its target, Chief Economist Philip Lane said Wednesday.

Chief Economist, Philip Lane, has suggested that the bank needs to maintain flexibility in its monetary policy due to the continued risk of inflation in both directions.