ECB Will Need to Raise Rates Further on Current Outlook, Board Member Says

The ECB lifted its three key rates by 25 basis points, taking the benchmark deposit rate to 2.25 percent from 2 percent.

The logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany, on March 16, 2023. Reuters/Heiko Becker

The European Central Bank (ECB) will have to keep raising interest rates as energy prices remain high, ECB board member Isabel Schnabel said in comments published on June 24, adding that the ceasefire in the Middle East is no reason for policymakers to rest on their laurels.

Her comments come two weeks after the ECB, the central bank for the eurozone, raised interest rates for the first time in three years on June 11.