A cast of hawks hold sway at ECB meetings amid inflation crisis

Sources say the ECB chief economist is losing many arguments when it comes to interest rate hikes

European Central Bank chief economist Philip Lane: The dove having to respond to hawkish demands over rate rises. Picture: Sam Boal

European Central Bank (ECB) chief economist Philip Lane has spent much of this year losing the argument over rapid interest-rate hikes that his colleagues have demanded, and he might need to get used to it.

That means a pivotal policy maker, who used to be treated by investors as the key Governing Council member to watch, is having to redefine his role as he effectively follows his colleagues’ lead in crafting the most aggressive monetary tightening in ECB history.