European Central Bank (ECB) Governing Council member Joachim Nagel in an interview with Stern magazine published Tuesday said the central bank is still "a long way" from meeting its inflation goals.
The Bundesbank chief called the stable labor market in Europe "a real ray of hope" and welcomed strong wage increases in the months to come. He, however, pointed to "persistent" inflation, adding that the ECB "must also be persistent on rates."
The ECB last week opted for a smaller rate hike but stated that in order to control inflation, rates would need to be raised substantially.
