Bundesbank head and ECB governing council member Joachim Nagel said on Tuesday that the ECB should raise interest rates in July if incoming data confirms that inflation is too high, reported Reuters. The ECB should end its asset purchase programme at the end of June, Nagel continued, noting that the risk of acting too late is "increasing notably". 

There is "disturbing evidence" that the increase in inflation is gaining momentum, he continued, noting that higher inflation is likely to prevail, meaning price growth expectations could become less anchored.