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Joachim NagelPhotographer: Alex Kraus/Bloomberg

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By Mark Schroers

March 20, 2026 at 6:30 AM UTC

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The European Central Bank will need to consider hiking interest rates as soon as next month if price pressures build further due to the Iran war, according to Governing Council member Joachim Nagel.

“As things currently stand, it is conceivable that the medium-term inflation outlook could deteriorate and inflation expectations could rise on a sustained basis, meaning that a more restrictive monetary-policy stance would probably be necessary,” he told Bloomberg on Friday.

ECB Would Need April Hike If Price Outlook Sours, Nagel Says - Bloomberg