ECB Governing Council member Ignazio Visco said that interest rate will have to rise further to reduce the risk of persistent high inflation
However, he’s uncertain on the pace of tightening, in face of economic risks. Also, the terminate rate of “can’t be predetermined” due to the uncertain nature of economic forecasting amid Russia’s war in Ukraine.
“The high level of uncertainty calls for a gradual approach, carefully assessing the appropriateness of the monetary stance on the basis of evidence as it becomes available,” he said.
