ECB’s Kazimir: Decision to hike rates by unprecedented 75 bps was inevitable and right

European Central Bank (ECB) policymaker Peter Kazimir made some comments on Thursday’s 75 bps rate hike decision and inflation outlook on Friday.

Key quotes

Inflation in the eurozone has been unacceptably high.

Our fresh outlook sees inflation in eurozone above the 2% target in 2023, 2024.

In my view, risks for inflation are definitely in upward direction, while for economy in downward direction.

July and September rate hikes, and also those to follow in near future, are ECB's response.

Discussion on what level of rates the ECB aims to reach is premature.

Priority is to continue fiercely with the normalisation of monetary policy.

Being strict is necessary for price stability, for restoring equilibrium in economy, for return to prosperity.