(Bloomberg) -- European Central Bank Governing Council member Madis Muller said he’s not currently expecting further increases in interest rates.

The Estonian central bank chief told reporters Tuesday in Tallinn that Europe’s period of high inflation is over. The question is, he said, how long borrowing costs will remain elevated — a topic on which he declined to speculate.

That “will depend on how the euro-area economy develops over the year and how the slowing of inflation plays out,” Muller told Bloomberg. “Right now, we see that the economic situation is relatively weak in the euro area as a whole. Looking forward, it could start improving slightly. If the recovery is slower, then that means smaller pressures in terms of inflation.”

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