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ECB – REN: More clear rate hikes are needed this winter

According to Olli Rehn, President of the Central Bank of Finland, the European Central Bank (ECB) has not yet reached the peak in its hawkish course in the fight against high inflation. “Interest rates will still have to go up significantly,” the ECB Governing Council member said in a webinar organized by the Peterson Institute for International Economics.

Levels that slow the economy sufficiently to ensure a timely return to the medium-term inflation target of 2% must be reached. “So we are on the right track,” he said. “That means significantly raising interest rates on outstanding meetings this winter.” This depends on the economic data and the development of forecasts.

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