Debate over ECB interest rate hikes heats up

European Central Bank chief economist Philip Lane.

The European Central Bank will probably have to increase borrowing costs again next month, though it’s too early to decide if more is needed after that, according to its chief economist Philip Lane.

“We are close enough to the July meeting that it is reasonable to say that barring a material change in the outlook that another hike looks reasonable for July,” Mr Lane told CNBC in an interview in Portugal.