European Central Bank Governing Council member Mario Centeno said he’s confident that current monetary-policy settings will bring inflation back to the target.

“With the current level of interest rates, we will be making a substantial contribution to the 2% objective,” the Portuguese central bank governor told Bloomberg TV. “We will get there with continuing this monetary-policy stance, holding on for a while until we are totally sure that inflation is coming down.”

At the same time, officials need to remain data-dependent while making sure “that we don’t overshoot in our policies,” according to Centeno.

“We need to continuously monitor the situation so that we can act — and by acting I mean really adjusting rates according to what is needed,” he said Thursday.

--With assistance from Jana Randow.