ECB Governing Council member Francois Villeroy de Galhau said that interest rate would probably peak in the summer, which technically ends in September. Meanwhile, a rate cut this year is out of question.
But he also emphasized there is no “automatic moves” at each meeting. the central criteria is a “shift in the inflation path”, especially underlying inflation.
He also noted that interest rate will be kept at the peak level as long as necessary to bring inflation back to 2% target.