The “journey” of interest rate hikes by the European Central Bank has just begun, ECB member Joachim Nagel said on Friday, adding that how fast the central bank will move will be determined by financial data.

“How fast or fast we move will depend on how the data evolves,” Nagel said during a student event. “It’s a journey,” he added.

It is noted that yesterday the ECB announced the end of bond purchases at the beginning of the third quarter, and that at its next meeting in July it will proceed with the first increase in interest rates after years

In particular, the BoD The ECB announced that it intends to raise its key interest rates by 25 basis points next month and estimates that it will proceed with a second increase in September.

The Board The ECB has left open the possibility that the September increase will be larger, noting that the size of this increase “will depend on the latest medium-term inflation outlook. If the medium-term inflation outlook persists or deteriorates, an additional increase at the September meeting “.