DUBLIN (Reuters – The Irish Central Bank Governor Gabriel Makhlouf joined a chorus calling on the Governing council to address inflation. But not at the same rate as the U.S. Federal Reserve.

Christine Lagarde, President of the ECB, finally backed a hike in the benchmark rate. This was amid expectation that it would take action in July.

While most other central banks have raised their borrowing costs, the ECB which has fought low inflation for a decade is still pumping money into the financial sector via bond purchases.

Makhlouf declared that the ECB’s Governing council must act. According to a transcript, Makhlouf spoke in Dublin. He described the current inflation rates as “concerning”

“Our objective is for inflation to be at 2% over the medium term – levels are significantly above that now, and it is time for the Council to move to end net asset purchases under the asset purchase programme next month or in July,” he said.

He did not specify when rates should rise, but said it was “realistic to expect that the first move in the ECB’s interest rates will happen soon after net asset purchases end and that rates are likely to be in positive territory by early next year.”

He said, “The age of negative rates is ending.”

“It will be crucial for anchoring inflation expectations that the ECB takes actions that show its commitment to price stability,” he stated.

His statement stated, “The balance favoring further action has tilted in favour of the necessity for more action, although not necessarily at the same rate as other central banks, such Federal Reserve, that have also altered their stance.”

Peter Kazimir, a fellow ECB policymaker who is also the governor of Slovak Central Bank Governor, tweeted (NYSE:) on Thursday that he was willing to raise interest rates in July.