The European Central Bank should cut interest rates only gradually and not lower them to a level that stimulates growth since that would not resolve the economy's deep structural faults, ECB board member Isabel Schnabel told Bloomberg.

Inflation that’s headed toward the European Central Bank’s target will allow for more interest-rate cuts, but officials mustn’t rush, Governing Council member Joachim Nagel said.

The European Central Bank should ease policy only gradually, and cutting rates to a level that starts to stimulate growth may not be appropriate, ECB board member Isabel Schnabel told Bloomberg in an interview published on Wednesday.