European Central Bank Governing Council member Gediminas Simkus (pictured) told reporters on Friday that ECB must raise its interest rates further at the July meeting.
Simkus commented that although the bank is "closer to the end of the tightening cycle," it is too early to guess when this process will end. He stated that he doesn't see rate cuts taking place at the start of 2024, as there is no pretext for such a scenario, since the projections show that inflation will be above the 2% target in 2025.
Meanwhile, talking about the September meeting, the policymaker said it is too soon to say what ECB's possible steps at that time could be.
