The European Central Bank does not need to raise interest rates as long as expected inflation remains below two percent, Governing Council member Nicholas Garganas said in an interview published on Monday. "Core inflation is well below 2 percent and all forecasts are that 'headline inflation' will fall below 2 percent. There is no evidence as yet of significant second-round effects," Garganas added. The ECB has maintained interest rates at 2 percent since June 2003. Analysts do not expect a rate rise before the end of the year.