The European Central Bank’s latest period of monetary policy interventions to bring inflation in check is “done,” its chief economist said on Tuesday.

“We do think the last cycle is done, bringing inflation down from the peak of 10[%], back to 2%, that element is over, but on a forward-looking basis we do need to stand ready to make sure that any deviation we see does not become embedded, does not change the medium-term picture,” Philip Lane told CNBC at a conference in Portugal.

The ECB still needed to stay data-dependent but would not respond to any isolated “blip” in inflation going forward, Lane added.

Eurozone inflation came in at 1.9% for May, below the central bank’s 2% target. Its key interest rate has meanwhile been cut to 2% from a peak of 4% over the last year, with the market pricing in a further quarter-point rate trim to 1.75% by the end of the year.

Alt the same conference, Belgian central bank chief Pierre Wunsch said risks to inflation and growth in the euro area were now tilted to the downside.

“There is a broad consensus that we are very close to [the ECB’s 2% inflation] target now, the job is mostly done,” Wunsch said on Monday evening. Europe has seen two years of “relatively slow growth,” but any recovery may be delayed by global uncertainty, he added.

Wunsch said “if we have to move more it probably will be to the downside, a further cut. I’m not pleading for one, but I think if there is any discussion it’s more in that direction”.

The ECB will be monitoring economic data in the coming months to see if there are any improvements in eurozone growth, particularly in production — and the central bank may need to be “a bit more supportive” if it doesn’t, Wunsch said.