ECB’s Lane urges ‘steady pace’ of rate hikes to minimise risks

European Central Bank chief economist Philip Lane's comments at a panel discussion seemed to push back against a 75 basis-point hike in interest rates next month, as floated by some of his colleagues

Philip Lane is one of the 25-strong Governing Council’s most-dovish members.

European Central Bank chief economist Philip Lane urged a “steady pace” of interest-rate increases in fighting record inflation to minimise negative consequences — seeming to push back after some of his colleagues floated a 75 basis-point hike at next week’s meeting.

Mr Lane, one of the 25-strong Governing Council’s most-dovish members, said the same overall boost to borrowing costs was less likely to generate adverse effects in the form of a “multi-step calibrated series rather than a smaller number of larger rate increases”.