Ignazio Visco, a member of the European Central Bank Governing Council has spoken out in heated discussions about when the ECB will raise its benchmark rate.

Rates in the euro zone have been negative following the region’s sovereign debt crisis, and the ECB has confirmed that it will conclude its net asset purchases in the third quarter — opening up the possibility of a rate hike.

According to some market participants, a rate rise is expected in July. more hawkish members of the ECBWe are determined to raise rates faster than we can.

Visco, the governor of the Bank of Italy and a notable “dove” — who tend to favor more supportive monetary policy — told CNBC Thursday that it’s “very likely” asset purchases will end in June, leading to the issue of what to do with rates.

He stated, “We told them that they will adjust sometime after the expiration of the purchasing programme; now we need to define this sometime, and look at developments. It might be in the third quarter of the year or the end the year but it must be gradual.”

“As we stated, there are three conditions we look for. The first is gradualism and the second is flexibility. We have to ensure smooth functioning financial markets, that they are flexible.

It Governing Council is facing a dilemmaInflation hitting a record high of 7.5% in MarchThe war in Ukraine has caused a decline in economic growth.

The interest rate at the ECB’s principal refinancing operations as well as the rates for marginal lending and deposit facilities remain the same: 0.00%, 0.25%, and -0.50%. Both the Bank of England and U.S. Federal Reserve have begun rate-hiking rounds.