Joachim Nagel, president of the Bundesbank, said that after starting to cut borrowing costs in June, the European Central Bank may should wait until September to cut interest rates again.

The Bundesbank governor told a meeting of G7 finance ministers and central bank governors in Stresa, northern Italy that caution should be exercised against following up on expected interest rates too quickly next month.

"If interest rates are cut in June,haktutsspinsWe have to wait, andhaktutsspinsI think it may have to wait until September,"he said.