The European Central Bank won’t increase borrowing costs again, unless there is an unexpected event, according to Governing Council member Francois Villeroy de Galhau.

“Excluding surprises, I don’t think the ECB will raise rates again,” Villeroy said on France 5 television. “A gradual reduction in rates will come one day, but we’re not there yet.”

He added that the ECB is committed to bring inflation toward its 2% target by 2025.

The Bank of France Governor has recently pushed back against investors betting on interest rate cuts in the first half of next year, saying the ECB will likely stay at a 4% plateau “at least for the next several meetings and the next few quarters.”

But Villeroy has also welcomed a strong disinflationary trend in recent months and said the ECB should foster a soft landing for the economy if possible. That tone contrasts with other more hawkish policymakers, including Germany’s Joachim Nagel, who said yesterday that the ECB may yet have to raise rates again.

--With assistance from William Horobin.