ECB Governing Council member Muller: The drop in oil prices has eased inflationary pressures, and after last month's rate hike, policy is now in a favorable position.

Golden Ten Data reported on July 3 that European Central Bank governing council member Muller said that the decline in oil prices has eased price pressures in the eurozone, putting the European Central Bank in an advantageous position after last month's rate hike. Muller stated that while it is too early to predict the next two meetings in July and September, officials have made it clear, "We are not entering a new cycle of rate hikes." Muller said: "For now, we are in a favorable position. The risk balance is also at a reasonable level." Muller added: "The drop in oil prices will ease inflationary pressure in the services sector," and "we have not yet seen second-round effects."