ECB official urges rate hikes to control inflation

The article focused on the European Central Bank Executive Board member, Isabel Schnabel's, call to raise interest rates further to address rising inflation risks, especially given the ongoing rise in energy costs and the stronger-than-expected performance of the European economy. It noted that inflation could remain above 2% for an extended period. The piece pointed out that the current monetary policy is insufficient to achieve the target, and delaying further rate hikes may necessitate more aggressive measures later, with expectations of increasing them to at least 2.5%. This comes amid inflation remaining at 2.9% in July and the ongoing impact of the conflict on energy prices. The statements emphasize the need to continue monetary tightening based on economic data, particularly as inflation risks persist due to rising energy costs and the economic surge in the Eurozone.

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