Further interest rate hikes will depend on data, ECB’s de Guindos says

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EU finance and economy ministers hold informal meeting in Berlin

MADRID (Reuters) -The exact number of further interest rate increases by the European Central Bank will depend on upcoming macroeconomic data, ECB Vice-president Luis de Guindos said on Monday.

Earlier this month, the ECB raised rates by an unprecedented 75 basis points, just weeks after a 50-point move, and promised several more steps over the coming months as euro zone inflation was at its highest rate in nearly a half a century and at risk of becoming entrenched.

“Monetary policy always tries to act to fight inflation, that will have an effect on consumer spending and investment by companies…and further interest rates increases will depend on economic data,” de Guindos told a financial event in Madrid.

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“Inflation is the biggest pain for European population,” he added.

(Reporting by Jesús Aguado and Emma Pinedo, editing by Andrei Khalip)

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