ECB Governing Council member Dimitar Radev said that the ECB kept interest rates unchanged last month, which does not mean there will be no further rate hikes in the future. The Bulgarian official said on Tuesday that although there is currently no indication that rising energy costs will spur higher demand for wage increases, policymakers should not wait until clear evidence of a second round of price transmission effects appears before taking action. He said, “The suspension of interest rate hikes in October was only to evaluate existing data, not to announce the end of the monetary policy tightening cycle. If inflationary pressure continues, the current level of interest rates cannot be taken for granted.”

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