The European Central Bank should raise interest rates next month, even if ongoing peace talks with Iran result in a deal, said ECB Executive Board member Isabel Schnabel, News.Az reports, citing Al Jazeera.
The ECB has kept interest rates unchanged for the past year. However, it considered a rate hike last month, as sharply rising energy costs pushed inflation significantly above the bank’s 2 percent target.
Several policymakers have also indicated that monetary policy action may be necessary.
Schnabel, who is seen as a potential successor to ECB President Christine Lagarde next year, stated that the central bank may have passed a “point of no return,” noting that energy infrastructure has also been damaged as a result of the war on Iran.
Speaking to Reuters, Schnabel said that because of the scale and persistence of the energy shock, “I think a rate hike in June will be needed.”
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