Member of the European Central Bank (ECB) Governing Council and Bank of Lithuania Board Chairman Gediminas Simkus (pictured) said on Friday he agreed with the idea of having two more cuts in the former institution's interest rates this year as markets predict.
Speaking at his official press conference following the ECB's newest monetary policy decision, Simkus expressed his certainty another reduction will be discussed at the bank's next meeting in September. He also noted that he sees no need for any of the two potential cuts to be above 25 basis points, like in June.
Commenting on the rise in prices, Simkus noted that services inflation is "still very strong." He added the road toward the inflation target of 2% will be "bumpy" and near the goal in the second half of 2025.
