By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Álvaro Santos Pereira said on Monday that it was “not worth speculating” about the ECB’s next interest rate decision.

Speaking at the presentation of the quarterly economic bulletin of the Banco de Portugal, which he heads, Pereira declined with regard to the ECB’s July meeting to provide any guidance.

The new US-Iran agreement was a positive development, he said, though he cautioned that energy operations in the Middle East would take time to return to normal.

Pereira said last Thursday's 25bp hike was aimed at preventing further inflationary pressures from building up. While second-round effects had not yet emerged, they remained a risk that policymakers would need to monitor closely, he said.

Portugal’s growth prospects were “constrained by higher oil prices, elevated uncertainty, tighter financial conditions and weaker external demand," he said.

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