(Bloomberg) -- Christine Lagarde said the European Central Bank will do everything necessary to return inflation to its goal, pointing to more “significant” interest-rate increases at coming meetings.

Borrowing costs will have to rise at a steady pace to reach levels that are sufficiently restrictive, and stay at those levels for as long as needed, Lagarde said Monday in a speech in Eschborn, Germany.

“We will stay the course to ensure the timely return of inflation to our target,” the ECB president said. “It is vital that inflation rates above the ECB’s 2% target do not become entrenched in the economy.”

The comments add to the unfolding debate over whether a slowdown in the pace of rate hikes is appropriate as inflation dips from all-time highs. Lagarde last week said staying the course is her “policy mantra,” as officials’ attention increasingly shifts from headline to record core inflation.

“While energy inflation has recently been coming down, underlying inflation continues to rise,” Lagarde said Monday.

Hawks like Dutch central bank chief Klaas Knot want at least two more half-point rate increases — starting next week — before this cycle is brought to a close. Some however, caution against going too far.

Greece’s Yannis Stournaras on Monday advocated a more gradual approach as growth in the euro-zone economy weakens.

--With assistance from Nicholas Comfort and Eyk Henning.

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