[Nagel: underlying price pressure is too high] the ECB governing Council member Joachim Nagel said that the underlying price pressure in Germany and the euro zone is "far too high and has not abated at all so far." "as a result, monetary policymakers cannot and will not hesitate to fight inflation," Nagel said in a speech at Bochum. He also pointed out that "as far as the current situation is concerned, several interest rate hikes are still needed. I don't think it's certain that inflation will peak as early as this summer. Once interest rates are high enough to overcome high inflation, they need to be maintained until we can be sure that the 2 per cent inflation target will be reached in time. "