European Central Bank (ECB) Vice President Luis de Guindos said on Monday that the central bank will continue to raise interest rates further, adding that at this time it cannot be predicted when the hikes will cease.
"ECB action so far isn't sufficient," the vice president said at Nueva Economia Forum in Madrid, adding that the bank will keep raising interest rates by 50 basis points. "We do not know when rate hikes will stop," he stressed.
The statement echoes the sentiment of ECB's President Christine Lagarde who reiterated last week that the bank will have to increase its key rates at a pace of 50 basis points "for a period of time," to lower inflation in the longer term.
