The European Central Bank is getting closer to a pause in interest cuts since it is no longer clear that policy remains restrictive and energy price surges raise inflation risks, ECB board member Isabel Schnabel told the Financial Times.

A top European Central Bank official has signalled that rate-setters could be almost done with interest rate cuts in the Eurozone, warning risks to inflation were increasingly becoming “skewed to the upside” while borrowing costs had eased a lot.