The European Central Bank could continue to reduce interest rates as eurozone inflation approaches its target, Bundesbank President Joachim Nagel said.

The ECB lowered borrowing costs for the fourth straight time last week and hinted at even more policy easing since inflation could be back at its 2% goal by late summer, economic growth is anaemic and a trade war was a distinct possibility.

European Central Bank officials would be “well advised” to stop openly discussing their preferences for interest rates amid sticky inflation and elevated uncertainty, according to Governing Council member Joachim Nagel.