The European Central Bank should have "a predictable path” for reducing interest rates “once convergence towards price stability is ensured," Bank of Portugal Governor Mario Centeno said in an economic analysis published on Monday.

This path should, however, still see interest rates levels “far from the times of zero or even negative interest rates,” he said.

Centeno said that inflation has been falling faster than it rose and that the economy is adjusting to the new financial conditions, noting that “the risk of doing too much” by the ECB is starting to become be a reality.