European Central Bank Governing Council Joachim Nagel saidmach3reelThe eurozone is approaching interest rate cuts, but interest rates must remain high for the time being to curb demand and ultimately bring inflation back to target levels.

The Bundesbank governor said in an interview in Washington,"mach3reelWe will have to maintain restrictions for some time to sustainably curb inflation, although we may soon reduce restrictions."

Nagel said,"The recent stubborn inflation in the United States tells us that we should approach inflation issues with humility."

Nagel said that Europe's inflation rate is basically in line with the European Central Bank's latest expectations, and consumer price increases are expected to hit the 2% target in the second half of next year. "If economic data can confirm this forecast, interest rate cuts are expected to start in June. But we still have to wait for the data and then make a decision."