(Bloomberg) -- The European Central Bank will continue to hike interest rates, according to Governing Council member Martins Kazaks.
“At the moment what we see is that that inflation is unacceptably high, in Latvia above 20%,” Kazaks said in an interview with Latvia’s TV3.
“Monetary policy already from last December became more restrictive: In the beginning, we were decreasing support programs and in the past few months also significantly increasing interest rates and we will continue to increase interest rates with the goal not to allow inflation” to become entrenched, he said.
- Kazaks, who heads Latvia’s central bank, also said that it would be more painful to let inflation continue
- “To fight inflation you need also fiscal policy and structural policy,” he said
©2022 Bloomberg L.P.