[European Central Bank Executive Schnabel: the ECB would rather lose too much on interest rates] Schnabel, a member of the ECB's executive board, said officials could not afford to be complacent about inflation and should not worry about raising borrowing costs too high. "We still need to rely heavily on data and it is better to do too much than to do too little," she said in a speech in Luxembourg on Monday. & nbsp; "therefore, we need to continue to raise interest rates until we see convincing evidence that the development of underlying inflation is consistent with the sustained and timely return of headline inflation to our medium-term target of 2 per cent," Mr Schnabel said. Earlier, the ECB raised interest rates by 25 basis points last week, and President Christine Lagarde said it was "very likely" that similar action would be taken again in July. Ms Schnabel sounded in line with several of her colleagues who had warned that the ECB's historic tightening could continue into the autumn.