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Joachim Nagel, President of the Bundesbank and ECB Governing Council Member discusses the central bank's latest interest rate decision, his outlook for further rate hikes, and the political landscape in Germany.

The European Central Bank might need to ​raise interest rates further and bring ‌them to a level that mildly curbs the economy if a war-fuelled rise in energy prices ​continues, ECB policymaker Joachim Nagel said ​on Friday.

European Central Bank policymakers expect further policy tightening in the months ​ahead to fight a war-fuelled rise ‌in inflation and could move again as soon as October, two sources told Reuters.

Borrowing costs soar in Europe and oil tops $105 a barrel as bank flags mounting price pressures in eurozone

The European Central Bank increased interest rates for the second time since the Iran war started, responding to signs inflation is set to stay well above 2%. The deposit rate was lifted by a quarter-point to 2.5%.