ECB interest rates set to peak by summer, says policymaker

European Central Bank has been hiking rates since July and is working to steer price growth towards its 2% target

The ECB raised rates for a fourth time last year and pledged further hikes. Picture: Bloomberg

The European Central Bank (ECB) interest rates should reach a peak by this summer and hikes should not be "too mechanical", French ECB policymaker Francois Villeroy de Galhau said today.

The ECB has been hiking rates since July and is working to steer price growth towards its 2% target.