The president of the European Central Bank, Christine Lagarde, has confirmed that the end of interest rate hikes is not yet in sight and that the institution expects to continue raising interest rates at upcoming monetary policy meetings, with a view to reaching the medium-term target of 2% in a timely manner.

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“Since July we have raised rates by 200 basis points, the largest increase in the history of the euro. But we are not done yet,” Lagarde confirmed in an interview published by the European Central Bank. At its latest monetary policy meeting, the ECB’s Governing Council decided to raise interest rates again by 75 basis points, so that the interest rate for its refinancing operations will stand at 2%, while the deposit rate will reach 1.50% and the lending rate 2.25%.