European Central Bank chief economist Philip Lane stated on Tuesday that interest rates are to stay sufficiently restrictive for as long as needed. He noted that there remains a high level of uncertainty and the still-elevated price pressures are evident in the indicators for domestic inflation, so the ECB will need to maintain a restrictive monetary stance.
However, the official stressed that the ECB's policymakers are not pre-committing to a particular rate path and their decisions on future moves will depend on incoming data. "We will be agile on interest rates," he added.