ECB Chief Economist Lane says more rate hikes ahead, its not going to be "pain free"

European Central Bank European Central Bank The European Central Bank (ECB) represents the central banking entity in the Eurozone that oversees monetary policy for the bloc. As a growing geographic and economic region, the eurozone now includes 19 countries, which rely on the euro as their national currency.The eurozone presently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.In terms of monetary The European Central Bank (ECB) represents the central banking entity in the Eurozone that oversees monetary policy for the bloc. As a growing geographic and economic region, the eurozone now includes 19 countries, which rely on the euro as their national currency.The eurozone presently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.In terms of monetary Read this Term Chief Economist Philip Lane spoke over the weekend on his outlook for Bank rate hikes still to come:

• ECB could raise interest rates even into 2023
• "We do think that this is going to dampen demand, we're not going to pretend this is pain free"

(ps Just for clarity, the pain will be for you, not Lane, K?)

More from Lane:

• "Demand is now a source of inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term pressure, it was not six or nine months ago in the same way it now is."
• rates could continue to go up at each remaining meeting this year and may rise early next year also
• a recession cannot be ruled out
  
  As head of economics at the ECB, Lane had argued for months that the drivers of inflation were the shocks caused by expensive energy prices. And that monetary policy is largely ineffective against such supply shocks. To be fair, he was not the only DM central banker making such an assessment. Lane now recognises that inflationary price growth has broadened out, and robust consumer demand is also driving prices.