Member of the European Central Bank’s Governing Council Peter Kazimir (pictured) asserted on Friday in a statement that the European Central Bank cannot “miraculously” bring down the rising prices.
Although Kazimir stressed that it will take time for inflation to be at desired levels, he noted that the central bank “can take measures so that after the crazy price pressures caused by the war and the pandemic subside, development returns to normal.”
Kazimir echoed ECB President Christine Lagarde’s comments, saying that the September decision will depend on the economic developments in the bloc. He further noted that the ECB is currently considering a rate hike between 25 and 50 basis points for the September meeting.