There are still plenty of upside risks to euro zone inflation, so the European Central Bank must remain open-minded on whether to press ahead with interest rate cuts or pause them, Slovak central bank Governor Peter Kazimir said on Monday.

Consumer prices in the eurozone were 2.4% higher in February than a year earlier, a slower rate of inflation than recorded in January, reassuring news for central bank policymakers as they prepare to meet later this week.

The news that the European Central Bank has cut interest rates for the sixth time in the past 12 months is a positive development for Irish consumers and businesses.