Klaas Knot, a member of the ECB's governing council, said the ECB should be cautious after its potential first interest rate cut in June and that quarterly wage data could be key to determining further action in the future.

"after June,Crashbandicoot4androidWe have to be cautious, "Knot said in an interview. He said it was "too early" to comment on the path after the meeting.

"every quarter we have new data on the labour market for a new round of forecasts, which will be important information for us to readjust our policy settings," the hawkish Dutch official said.

Although the ECB looks certain to cut interest rates at its meeting less than six weeks later, it is divided on the next step. Worried about Europe's poor economic performance and the risk of inflation falling below the 2 per cent target, some urged to act again in July. Knot and others warn of uncertainty, especially wage trends.

Knot played down fears that tensions in the Middle East would push up energy prices. But he said it was too early to declare victory in curbing inflation, arguing that a "considerable slowdown in unit labor costs" was needed first.

"the experience of the United States over the past three months reminds us that we should remain vigilant," he said. The ECB's goal is to move inflation towards a sustainable 2 per cent. "maybe this condition can only be established in 2025."