LISBON The European Central Bank is close to being able to pause the trajectory of rising interest rates so as not to harm the stagnant euro zone economy, ECB Governing Council member Mario Centeno said on Wednesday.

In an interview with Portugal’s broadcaster RTP he said that the ECB "must be cautious so that the impact of rising interest rates on the economy do not exceed the minimum necessary to control prices."

"We are reaching the time when monetary policy can pause, we are very close," he said. “Not overreacting is a huge concern for every central bank.”

ECB President Christine Lagarde on Wednesday cemented expectations for a ninth consecutive rise in euro zone rates in July.

The ECB has raised rates at each meeting over the past year, taking its deposit rate to 3.5%, and promised more tightening as it attempts to curb inflation still running at three times its 2% target.

(Reporting by Sergio Goncalves; editing by Andrei Khalip)