(Bloomberg) -- The European Central Bank will lower interest rates when it’s convinced that consumer-price growth is returning to its target, Vice President Luis de Guindos reiterated.

“When the data we receive on inflation, and underlying inflation, make it clear that we’re approaching 2%, monetary policy will be modified,” Guindos told Spain’s Antena 3 Television on Wednesday.

The remarks come just before the week-long quiet period that precedes ECB rate decisions and echo calls for patience from most Governing Council members. With a majority keen to see a raft of data due in the coming weeks before easing borrowing costs, a cut in the deposit rate from its current 4% is unlikely before mid-year.

Other policymakers were more specific, though their remarks primarily echoed comments already made last week.

Lithuania’s Gediminas Simkus and Peter Kazimir of Slovakia said June was the time to consider lowering borrowing costs. Meanwhile, Bundesbank President Joachim Nagel and Martins Kazaks of Latvia warned against moving too early.

--With assistance from Alexander Weber and Mark Schroers.

(Updates with Nagel comments in final paragraph)

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