There were conditions for a rate cut in April

Some ECB Officials Saw Conditions for Rate Cut Met in April, account of their monetary-policy meeting showed. Some European Central Bank officials deemed it appropriate to cut interest rates when they convened last month. Some ECB officials saw conditions for a rate cut met in April's meeting, according to the report.

Austrian central bank Governor Robert Holzmann says much depends on the U.S. Federal Reserve. "If the time comes in June, further steps will certainly follow," he says. "But I see absolutely no reason for us to cut key interest rates too quickly, too strongly," he adds.