It would be appropriate for the European Central Bank to raise rates beyond March and reach the terminal rate this summer, European Central Bank (ECB) Governing Council member Olli Rehn told Börsen-Zeitung on Monday, per Reuters.

Additional takeaways

"Rates need to stay in restrictive level for some time, should not rush to discuss cuts."

"Rate hikes should not stop while core inflation is rising and is so high."

"Eurozone recession likely avoided, 2023 growth could be around 1%."

Market reaction

These comments don't seem to be having a significant impact on the Euro's performance against its rivals. As of writing, EUR/USD was flat on the day at 1.0690.