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.

The European Central Bank will soon have to discuss taking a break, or ending altogether, its campaign of interest-rate reductions, Executive 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.