FRANKFURT, (Reuters) – The European Central Bank might need to stop buying bonds sooner than expected due to rising inflation risks. Gaston Reinesch, ECB policymaker, said that the bank is joining a growing list of rate-setters who are openly discussing a reduction in stimulus.

As euro zone inflation rose to unprecedented levels in the last months, the ECB is abandoning its promise not to increase rates this year. Several policymakers have openly called for an end of bond purchases, which are a requirement for any rate increases.

Reinesch was one of the longest tenured members of ECB’s Governing Council. She argued that price pressures are likely to boost wages, while the economy might return to its full potential faster than predicted, which could potentially increase inflation pressures.

Reinesch, Luxembourg’s central bank governor, stated in a blog that “it would not be completely unfounded to consider the possibility that the end-of net asset purchases under current Asset Purchase Programme might come sooner than could have been anticipated on the basis of December assessment.”

He stated that inflation risks are mainly in the short term but higher readings could be possible farther out which would impact the bank’s policy horizon.

The ECB’s policymakers will gather in Paris for an informal meeting Thursday, and then meet again on March 10th.

Reuters polled economists and found that they expect the end of bond purchases by policymakers in the third quarter. However, the first rate increase could occur in the fourth or fifth quarter.