An influential member of the European Central Bank’s Governing Council said that net asset purchases might end in the third-quarter of this year. But, adjustments to the bank’s monetary policies could lead to rate increases not occurring immediately.

Francois Villeroy de Galhau (the governor of France’s central bank) told CNBC Tuesday, that rising inflation and other geopolitical risk means that the bank needs to be open-minded when considering its next meeting on March 10.

He stated that increased optionity meant that we would need to decide on an end date for net asset purchases. “I think it could be around Q3, but details must be discussed,” he said to Annette Weisbach at CNBC.

The ECB’s Pandemic Emergency Purchase Programme (or PEPP) of 1.85 trillion euros ($2.19 Trillion) is ending in March. However, purchases made under the older Asset Purchase Programme (or APP) are increasing to provide a bridge for quantitative easing after the end of PEPP.

In conjunction with the PEPP, the APP continued to grow at a pace of 20 million euros per month. It will increase to 40 billion euro in the second quarter and 30 billion in the third quarter. Then it will drop to 20 billion euros for as long as is necessary. The ECB anticipates that bond buying will cease “shortly” before raising key ECB rates.

Villeroy, however, suggested on Tuesday that this timeline could be changed. Villeroy told CNBC the “shortly-worded” guidance of the ECB could be dropped. So, a halt to bond purchases in the third quarter could not be translated into a fourth-quarter rate rise.

He said, “I’m asking if we shouldn’t drop this shortly’ to give us more options regarding the calendar for the second step.”

It is essential to provide clarity and direction, but not so much as to tie your hands during uncertain times. If we follow our sequence, then there will be a clear path. It is possible to decide on the first step by March. He added, “We’ll see.”

The incredibly popular ECB  — the central bank for the 19 nations that share the euro — kept its key interest rate unchanged despite inflation hitting a record 5.1% in January. Christine Lagarde was however more conservative in her speech, refusing to allow for any tightening this year.

Market participants are now pricing in two rate increases for the ECB by 2022. However, it will still be behind normalization tracks of the Bank of England, the U.S. Federal Reserve, and Bank of England. Bond markets have been rattled by the end of so-called easy money and monetary stimulus. In fact, benchmark sovereign yields in countries such as Italy and Greece rose rapidly in recent weeks.

Inflation is a hot topic in the 19 member bloc. Some argue that inflationary pressures are likely to ease, and that a certain degree of loosening in monetary policy is necessary. Others argue that after consecutive inflationary increases, the ECB must tighten monetary policy. historic monthly highs in inflation.

Last week, Bundesbank Governor Joachim Nagel became the second central banker in a few days to indicate that the ECB may raise rates later this year.

—CNBC’s Silvia Amaro and Elliot Smith contributed to this article.