European Central Bank (ECB) Governing Council member Olli Rehn repeated on Thursday that the ECB needs significant rate hikes in the coming meetings, as reported by Reuters. Rehn further explained either a 75 or a 50 basis points rate hike would be considered to be significant, per Reuters.

Additional takeaways

"I expect the ECB to get to the neutral rate by Christmas."

"Prospect of recession in the euro area has grown more likely."

"Indiscriminately increasing expenditure does not help in the fight against inflation."

"Gas supplies have clearly been weaponised by Russia in an energy war."

Market reaction

These comments don't seem to be having a noticeable impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was down 0.75% on the day at 0.9660.