Member of the European Central Bank Governing Council and National Bank of Belgium Governor Pierre Wunsch said on Thursday that he would not be surprised if the ECB raised its interest rates to over 3% at some point.
The ECB's base scenario is "now more or less a technical recession," he told CNBC, adding that real interest rates, which are adjusted for inflation, need to become positive.
Wunsch estimated that the rates will go over 2% before the end of 2022.
