The ECB has flagged a rate cut for June 6, but policymakers have largely avoided discussing the rate path beyond the move, even if a few have already made the case for a second move in July.

"If we see that the incoming data, and we'll receive many data in July and June ... will confirm our confidence that inflation is really (moving) to target, it will be appropriate to remove some of the restriction that we put in place," Cipollone told the IIF forum in Washington.

(Reporting by Francesco Canepa, writing Balazs Koranyi; Editing by Alex Richardson)