European Central Bank Governing Council member Martin Kocher stated that the ECB will carefully evaluate all information over the summer to determine whether to raise interest rates or keep them unchanged at the next meeting.

"We are now in a position to observe the data released in the coming weeks, including Purchasing Managers' Index data, inflation figures, and other indicators, and assess whether these data support a rate hike in September or a pause," he said in an interview on Friday.

The Governor of the Austrian central bank noted that after the ECB's rate hike in June, policymakers are "in a position to analyze the situation and remain vigilant in the coming weeks."

Further reading: European Central Bank holds rates steady, Lagarde signals readiness for September action