The weak eurozone economy could drive inflation below the 2% target, Bank of Greece Governor Yannis Stournaras said in an interview. 

Stournaras told the German financial newsletter that growth was lower than the central bank expected, and the same could be true for inflation. 

"The new signs of weak economic activity and the high level of uncertainty will reduce inflation more than expected," he said. "This means there is a risk that inflation could fall below the 2% target in the medium term," he added.  Investors still expect the ECB to cut rates in September or October.

Stournaras expressed the same assessment but warned that it will all depend on incoming data on the economy, especially on wages, and the new ECB forecasts to be published next month. 

"I still expect two rate cuts this year if the decline in inflation continues as expected," he added. "We are on the right path. In addition, growth is weaker than expected, which argues in favour of interest rate cuts," he said.