ECB to keep raising interest rates, Holzmann says

According to Robert Holzmann, a member of the Governing Council, the European Central Bank (ECB) will continue to increase the cost of borrowing.

Recently, the ECB raised interest rates. On Tuesday, Robert Holzmann said that the ECB will in fact continue to raise interest rates.

However, the Austrian Central Bank chief, one of the most hawkish ECB officials, said that the Governing Council should avoid abrupt moves as they could lead not only to stagnation but also to a recession in the future.

The European Central Bank has already raised rates by 200 basis points this year. It is expected that interest rates will be raised once again at the ECB meeting in December.