European Central Bank (ECB) Governing Council member Yannis Stournaras told Reuters on Monday that they need t see inflation staying sustainably below 3 by the middle of next year before cutting interest rates.

"We can't risk it," Stournaras added and said that they will also have to evaluate the overall state of the economy.

Market reaction

These comments failed to trigger a noticeable reaction in the Euro. At the time of press, the EUR/USD pair was up 0.25% on a daily basis at 1.0922.