Martins Kazaks, a member of the ECB Governing Council, stated in a speech at an online event that using a data-dependent and gradual approach to formulating mmf policy is still appropriate. "If downside risks materialize, a data-dependent approach can enable the central bank to act more quickly to avoid falling into a bad situation," said the Governor of the Latvian Central Bank. "The easing cycle will continue, but its pace and depth will continue to depend on the upcoming data" and the Governing Council's determination.