According to the minutes of the European Central Bank's September meeting published on Thursday, the regulator sees the risk that inflation in Europe will consolidate at very high levels. In the current environment, it considers it necessary to aggressively tighten monetary policy, regardless of the negative consequences for the economy.

In September, the ECB announced its intention to keep raising rates, as price levels are still too high and are likely to remain above the target for a long time. The central bank raised interest rates by 75 bps at its last meeting, which, according to the minutes, was supported by a large number of its policymakers. They noted that neither the expected slowdown in economic activity, nor even recession per se will be able to stop the growth of inflation. In Europe, it was 10% at the end of September, reaching a maximum of the last 70 years.