(Bloomberg) — European Central Bank policy will develop regardless of what happens at the Federal Reserve, according to Governing Council member Francois Villeroy de Galhau.

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“The decisions we make at the ECB with Christine Lagarde are independent of those of the Fed,” the French central banker told Ouest-France newspaper. “The proof is that we had started to lower interest rates at the beginning of June, and the Fed only lowered them three months later. With the fall in inflation, we will be able to continue to lower rates.”

A resurgence of protectionism expected after Donald Trump returns to the White House in January will “likely mean more inflation in the United States and less growth everywhere,” Villeroy said. That’s led economists to question the future easing path of US central bank, which has lowered borrowing costs by a cumulative 75 basis points at its last two meetings.

While forecasters surveyed by Bloomberg still largely expect the Fed to lower rates in December, they anticipate policymakers will hold borrowing costs steady in January.

In the meantime, the ECB has cut rates three times since June and is seen continuing to do so at its next four meetings.

“Prices are increasing less quickly than wages on average — this also allows us to lower interest rates,” Villeroy said.

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