Hefty hike to Irish mortgages if ECB accepts policymaker recommendation

One of the European Central Bank's policymakers believes an interest rake hike is needed.

Hundreds of thousands of homeowners are facing a big increase in the cost of their mortgage if the European Central Bank chooses to listen to one of its leading policymakers.

Martins Kazaks said a Eurozone recession is now very likely but that alone will not bring down inflation and the European Central Bank should opt for a big rate hike next month.