Dr Hans Kluge cited high vaccination rates, the end of winter and the less severe nature of the Omicron variant.
Speaking to reporters, he said: "This period of higher protection should be seen as a 'ceasefire' that could bring us enduring peace."
It comes as a number of European nations end Covid-19 restrictions.
Dr Kluge said some 12 million new virus cases were detected across Europe last week - the highest recorded - but officials have not seen a significant spike in those needing critical hospital care.
