Home MarketsEurope & Middle East European Central Bank member says he won’t stop at a single 50 basis point hike, ‘that’s for sure’

European Central Bank member says he won’t stop at a single 50 basis point hike, ‘that’s for sure’

by SuperiorInvest

Klaas Knot, president of De Nederlandsche Bank, spoke to CNBC in Davos.

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DAVOS, Switzerland — The European Central Bank will not stop at a single 50 basis point hike at its next rate-setting meetings, one board member told CNBC on Thursday.

“It’s not going to stop after a single 50 basis point hike, that’s for sure,” Klaas Knot, who serves as the governor of the Dutch central bank, said of the ECB’s upcoming moves.

The European central bank it raised rates four times during 2022, bringing its deposit rate to 2%. The central bank said in December that it would raise rates further in 2023 to tackle extremely high inflation.

Recent data showed a slowdown in headline inflation, although it remains well above the ECB’s 2% target.

According to preliminary figures, December inflation in the eurozone reached 9.2%. This was the second monthly drop in prices across the eurozone in a row.

This is a current report and is being updated.

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