“It is right that the ECB stays the course in stamping out stubborn inflation. Today’s interest rate hike of 25 basis points represents a fine-tuning of its monetary policy. The key interest rates are well above the three percent mark and the gradual increases need time to take effect,” said Heiner Herkenhoff, CEO of the Association of German Banks. “But this latest ECB interest rate increase is unlikely to mark the end of high inflation, prices in the eurozone are still too high,” he continued. “The longer inflation remains at this level, the heavier the burden on individuals, businesses and economic development. The ECB must be prepared to continue raising interest rates gradually until inflation expectations and price trends begin to stabilise again.”