Bundesbank President and ECB governing council member Joachim Nagel said on Wednesday that he expects the ECB's first rate hike to come in Q3 of this year, though he also said he is against hasty rate hikes, reported Reuters. Nagel warned that getting inflation back to the ECB's 2.0% target is looking ever less likely, and that the IMF's forecast for global economic growth could be cut further in the quarters ahead. 

His remarks chime with commentary from ECB's Martin Kazaks earlier in the day, who also said an ECB rate hike in Q3 of this year was a possibility.