(Bloomberg) -- The European Central Bank is done with interest-rate increases unless it has to deal with any more shocks, Governing Council member Francois Villeroy de Galhau said.

The inflation rate in the euro area has fallen threefold in a year and, despite some volatility, the trend is “clearly downward,” the Bank of France Governor told Radio Classique on Thursday.

He said the ECB’s intense bout of hiking since July last year has had an impact on underlying inflation in particular. 

“The remedy for inflation is interest rates — it’s not pleasant, but it’s effective and it anchors our commitment to bring inflation back toward 2%,” Villeroy said. “Our interest rates, barring any surprises or external shocks, will not increase any further.”

Still, he ruled out reducing rates in the near future, reiterating a pledge to get inflation toward the 2% target by 2025 at the latest.

“It’s too soon to talk about a cut,” Villeroy said. “But the day of a rate cut will come when everyone is convinced that inflation will come back to 2%.” 

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