ECBs Nagel says:

  • Several more ECB rate hikes needed to tame inflation
  • Will need to maintain peak rate for a sufficiently long time until inflation has fallen sustainably

Nagel is more of a hawk on the ECB board.

Back on May 12 Nagel said:

  • Latest rate hike will be the last
  • Inflation is still too high and too strong
  • Need to be sure that inflation wave ends

Earlier today ECB's Lagarde said:

  • Rates are to reach sufficiently restrictive levels
  • Rates are to stay restrictive as long as necessary