European Central Bank Governing Council member Francois Villeroy de Galhau told CNBC that “the question is the next Governing Council which will be early June … and here barring a major surprise we should cut rates because we are now confident enough and increasingly confident about the disinflationary path in the euro area.”

The Bank of France governor also said that he’s open to further rate reductions at subsequent meetings, CNBC said.

“There is now a very large consensus that it is time to take this insurance more or less against what I would call the second risk. The first risk is to act too early and let inflation go upwards again and this would be a danger,” he said, according to CNBC. “But the second risk would be to be behind the curve and to pay a too high cost in terms of economic activity and employment.”