Makhlouf says a minimum 50 basis point rise in interest rates is needed next week

European Central Bank to meet to agree fourth rate hike this year

Governor of Ireland's Central Bank Gabriel Makhlouf said it was time to look at reducing the ECB's balance sheet.

The governor of the Central Bank of Ireland said a 50 basis point increase in interest rates is required as the minimum needed at the meeting of the European Central Bank (ECB) next week.

Speaking at the Institute of International and European Affairs, Gabriel Makhlouf said it was premature to be talking about the end-point for policy rates amid the prevailing levels of uncertainty.