(Bloomberg) -- European Central Bank Governing Council member Boris Vujcic said additional increases in borrowing costs probably won’t be needed if officials’ economic outlook comes to pass.

“If things develop in accordance with our expectations, if we have a continued fall of inflation as we’re expecting, then it won’t be necessary to raise interest rates further,” Vujcic told Croatia’s N1 TV on Thursday.

Vujcic joins other ECB policymakers in signaling that last week’s hike in the deposit rate, to 4%, was probably the last of this unprecedented monetary-tightening campaign. While some aren’t excluding further moves, investors have shifted their attention to when the ECB will start cutting.

Vujcic also said:

• “I think that in the next three months we’ll see a further reduction of the inflation rate. But what it will look like next year is difficult to say. Possible shocks could come from energy, food prices, climate change, and politics”
• “As the inflation rate eases, the level of 4% will become more restrictive. If we see a faster fall of inflation, I think it is easier to lower the rate, than to raise it”
• On banks, “We now have a liquidity surplus in deposits on which banks earn interest. A way to sterilize that is to raise minimum reserve requirements”
• Read more: ECB’s Nagel Says Too Soon to Declare Rates Reached Plateau

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