European Central Bank official Kazimir called for further interest rate hikes to control inflation.

Peter Kazimir, a member of the European Central Bank's management committee, stated that inflation spreading throughout the economy will force the European Central Bank to further raise interest rates. The Slovak central bank governor believes that price pressures will not ease without intervention. He stated that even if the US and Iran reach a peaceful agreement, it will not bring inflation back down to the target level of 2% overnight. He said that despite the economic cooling down, it still has resilience, leaving room for policymakers to take action. "Our mission is not yet completed," Kazimir said in an interview in London on Friday. "It is too early to discuss whether policies need to be restrictive. But considering that price pressures are spreading throughout the economy, I will not rule out this possibility." The European Central Bank raised deposit rates by 25 basis points to 2.25% on Thursday, becoming the first major central bank to respond to the impact of the war economy. Insiders say that the European Central Bank officials believe the next rate hike could possibly happen as early as July.