Recent data on inflation and economic expansion strengthen the case for additional interest rate cuts by the European Central Bank, while two more this year are seen as the right ones, according to ECB Governing Council member Yannis Stournaras.

"These data strengthen the case for further cuts a little bit," the head of the Greek central bank said in an interview with Bloomberg.

"For now, two more rate cuts this year look reasonable and consistent with our forecasts. We are in extremely tight territory, and we will continue to be even if we have two more cuts this year."

Consumer price growth slowed to 2.5% from 2.6% in June. However, there were warning signs within the Eurostat release on Tuesday: underlying price pressures failed to ease, and service inflation remained more than double the 2% target.

He said the ECB "should not overinterpret" the service data.

"Yes, they are above 2%, but manufacturing goods are below 2%," he said in Sidra, Portugal, on Wednesday. "And if you remove the base effects, especially in energy, inflation has been falling steadily for 12 months. This is important."

Referring to the turmoil in France, where the prospect of a radical change in power has shocked financial markets, Stournaras said any new government would abide by European Union fiscal rules.

"We had the Greek example, and we had the recent UK budget mistake," he said. "Why repeat those mistakes? If they don't stick to the rules, it invites problems. But I don't expect that."