European Central Bank Governing Council member Pablo Hernandez de Cos said it’s too early to predict the path of monetary policy in the second half of the year.

“For me its clear that the September meeting is absolutely open,” de Cos said at a conference on financial stability in Madrid Thursday.

De Cos, who is also the head of the Spanish central bank, said monetary policy transmission is working with signs of economic weakness in the euro zone.

Last year the ECB embarked in its most aggressive tightening cycle ever after inflation surged following Russia’s invasion of Ukraine. ECB policymakers are now debating if the rate-hiking campaign should continue beyond the next meeting in July.