European Central Bank (ECB) Governing Council member Martins Kazaks said in an interview with Latvia’s TV3 on Thursday,  the ECB will continue to hike interest rates to tame inflation, per Bloomberg.

Additional quotes

“At the moment what we see is that that inflation is unacceptably high, in Latvia above 20%.”

“Monetary policy already from last December became more restrictive: In the beginning, we were decreasing support programs and in the past few months also significantly increasing interest rates and we will continue to increase interest rates with the goal not to allow inflation” to become entrenched.”

“To fight inflation you need also fiscal policy and structural policy.”

Market reaction

Despite the hawkish remarks from the ECB policymakers, the shared currency remains uninspired. The EUR/USD pair is trading at 1.0162, down 0.17% on the day, as the press time.