(Bloomberg) -- European Central Bank Governing Council member Yannis Stournaras said further hikes in borrowing costs should be gradual, following the most aggressive bout of monetary tightening since the euro was introduced.

“Additional rate increases must be gradual and depend on the inflation outlook while considering the recession risks and the impact on financial stability,” the Greek central bank chief said in an interview with German newspaper Handelsblatt published Thursday.

“Monetary policy is not particularly adept at dealing with supply shocks but it can help,” he said, adding that governments should help damp inflation as long as Russia is using energy as a weapon.

©2022 Bloomberg L.P.