Several interest rate hikes expected, warns ECB chief economist

ECB has raised rates by 1.25% so far this year, while Philip Lane warns possibility of a recession in eurozone cannot be ruled out

Philip Lane: 'If we think our base case is to barely grow, a technical recession falling into a mild recession cannot be ruled out.' File picture: Sam Boal/RollingNews.ie

The chief economist of the European Central Bank (ECB), Philip Lane, has warned there will may be several interest rate increases this year and in early 2023 before they are brought back to what he described as a "more normal level".

In an interview with RTÉ Six One News, Mr Lane said the possibility of a recession in the eurozone cannot be ruled out.