European Central Bank Chief Economist Philip Lane kept his cards close to his chest on whether he’ll propose an interest-rate hike next month.

In a speech discussing energy supply shocks, their implications for the economy and the most appropriate response, the Irishman argued that officials must carefully study the fallout on growth and inflation — before making a judgment call. While not disclosing his own views, he offered a preview of the arguments policymakers will weigh in June.