European Central Bank Governing Council member Yannis Stournaras said any interest-rate increase in September would be the last one in this tightening cycle, according to an interview with Capital.gr.

“It looks like we are very close to the end of rate hikes,” he told the Greek publication. “In any case, I think if there is one more — and I hardly see the case for it — in September, I think we will stop there.”

Borrowing costs will then remain at their peak for “a few months for sure,” Stournaras was cited as saying.

The ECB on Thursday delivered its ninth consecutive rate increase, with President Christine Lagarde saying officials have an “open mind” on what to do next and both a hike or a pause thinkable at the September meeting.