European Central Bank policymaker José Luis Escrivá said it is very unlikely that the ECB will change interest rates at its next meeting, stressing that decisions will continue to be made meeting by meeting.

He explained the bank needs more time to evaluate the economic impact of the ongoing conflict involving the U.S., Israel, and Iran in the Middle East, which could raise energy prices and affect inflation and growth in the euro zone. However, if the conflict ends soon, the effect on consumer prices may be limited to only small increases.