European Central Bank Governing Council member Yannis Stournaras said interest-rate increases may end this year, but warned that they mustn’t cause an economic slump.

“It’s important to be careful in our next steps, which should be gradual and measured,” Stournaras told an Economist event Monday in Athens, according to a transcript sent by the Bank of Greece. “We should curb inflation while ensuring financial stability and avoiding driving the economy into a recession.”

The ECB raised borrowing costs by another quarter-point last week as it still sees inflation above its 2% goal in 2025. While some Governing Council members warn that monetary tightening may be required beyond the summer, others are wary of speculating on the outcome of September’s meeting so early.

Stournaras also said:

• “We shouldn’t underestimate the risk that the effects of the monetary-policy measures we’ve already taken will prove particularly strong when fully deployed”
• “We are close to the end of the upward interest-rate cycle, though we’re not quite there yet”
• “We’re called to consider what level of interest rates is appropriate and for how long they should be maintained in order to tame inflation”