ECB policymakers said to be converging on 0.25% rate hike in May

The sources said the debate was still open and the outlook could still change - especially on April inflation data and the ECB's quarterly bank lending survey. (Photo by DANIEL ROLAND/AFP via Getty Images)

European Central Bank policymakers are converging on a 25 basis point interest rate hike in May, even if other options remain on the table and the debate is not yet settled, according to five sources with direct knowledge of the discussion.

The ECB has raised rates by at least 50 basis points each at six successive meetings - the fastest pace on record - to fight stubbornly high inflation. But a host of factors now support the case for increased caution, say the sources who declined to be named.