European Central Bank (ECB) policymaker Pierre Wunsch told German newspaper Handelsblatt the first two 25 basis points reductions in key ECB rates were close to a "no-brainer" but added that high rates for longer by the US Federal Reserve could lead to a slower pace of rate cuts.

"Nevertheless, we should proceed gradually and not too quickly. We should refrain from committing to a second rate cut already in July," Wunsch added