Villeroy, who is also governor of the French central bank, said after the first rate cut is delivered "barring shocks or surprises" in June, the pace of further moves would be guided by the flow of economic data and decided strictly on a meeting-by-meeting basis.

"That said, we will monitor closely the geopolitical developments in the Middle East, and their possible spillovers on energy prices," Villeroy told an event at the Economic Club of New York.

READ MORE: ECB can adjust pace of cuts if Mideast tensions flare, Villeroy says