The European Central Bank may raise interest rates at its current pace for a 'period of time' to curb inflation, said Vice-President Luis de Guindos.
European Central Bank Vice-President Luis de Guindos attends a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, September 12, 2019. REUTERS/Ralph Orlowski
"We have no choice but to act," he said in an interview with Le Monde paper published on Thursday. "Increases of 50 basis points may become the new norm in the near term." The steps the ECB had taken so far were going to have an impact on inflation, "but we still need to do more".but stressed that significant tightening remained ahead while laying out plans to drain cash from the financial system as part of a dogged fight against inflation.
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