The European Central Bank maintained its monetary policy steady on Thursday, but confirmed that it will stop buying bonds in the third quarter.

The Governing Council is facing a conundrum, with inflation reaching a new high of 7.5 percent in March and the prospects for economic growth weakening due to the conflict in Ukraine.

The ECB stated that it now expects to complete net asset purchases under its APP (asset purchase program) in the third quarter. It has previously stated that if the statistics supported it, this would be the course of action.

The bank said, “At today’s meeting the Governing Council judged that the incoming data since its last meeting reinforce its expectation that net asset purchases under the APP should be concluded in the third quarter.”

The ECB is likely to begin raising interest rates after the bond-buying program is done, following in the footsteps of the Bank of England and the Federal Reserve of the United States.

ECB President Christine Lagarde said the eurozone economy develops will “crucially depend on how the conflict evolves, on the impact of current sanctions, and on possible further measures.”

She noticed that the inflation had increased significantly, and will continue to surge due to higher energy costs.

She added that ECB would take “whatever action is needed to fulfill the ECB’s mandate to pursue price stability and to contribute to safeguarding financial stability.”