There is no "urgent" need for the European Central Bank to act against slowing inflation, a member of the central bank's governing council said in an interview published Wednesday.

The ECB next meets May 8, and most economists expect no policy moves from the bank at this meeting, but are looking to June when the bank issues new forecasts on growth and inflation.

At this point, Ewald Nowotny said, the bank will be able to best judge how inflation is developing. "Therefore I believe that we shouldn't take any measures until then," he tells the Austrian daily Der Standard.

The bank's most recent forecasts, issued in March, project inflation rates of 1% this year, 1.3% in 2015 and 1.5% in 2016. Annual inflation was 0.5% last month, more than a four-year low. The ECB targets inflation of just below 2% over the medium term.

Some economists and analysts fear the euro zone is entering a prolonged period of low inflation that could hamper the economy and result in price declines--known as deflation.

Mr. Nowotny said he doesn't see a risk of this at present, and expects the strong euro exchange rate to "self-correct."

As monetary policy in the U.S. becomes more restrictive, he said, the country will attract capital flows, strengthening the dollar.

Mr. Nowotny also ruled out the ECB intervening in currency markets in a similar manner to the Swiss Central Bank--which set a ceiling for the franc-euro exchange rate in 2011 to head off the threat of deflation and support exporters suffering from the strength of its currency.

Mr. Nowotny, who is also the central bank governor of Austria, said the Alpine country's economy could grow by as much as 2% in 2015.

Newspaper website: http://derstandard.at

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