(Bloomberg) -- The European Central Bank will need to continue raising interest rates and then should keep them at a high level, according to Bundesbank President Joachim Nagel.

“If inflation develops as projected, this should in my view not mark the end of the hike sequence,” Nagel said in a speech in Edinburgh on Friday, going on to insist that borrowing costs shouldn’t then be cut prematurely.

“It will be necessary to raise policy rates to sufficiently restrictive levels in order to bring inflation back down to 2% in a timely manner. We should likewise keep policy rates sufficiently high for as long as necessary to ensure lasting price stability.”

Nagel spoke just eight days after the ECB increased borrowing costs by a half point, though — faced with massive turmoil in global markets — it held off on providing guidance on what to do next.

With turbulence retreating, hawkish Governing Council members including Nagel are now increasingly comfortable with again highlighting the need for further tightening.

“We have not yet won the fight against inflation,” he said. 

The German central bank chief also reiterated calls to speed up the pace of quantitative tightening in the third quarter.

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