European Central Bank member says will not stop at one single 50 basis point hike, ‘that’s for sure’

Klaas Knot, president of De Nederlandsche Bank spoke with CNBC in Davos.

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DAVOS, Switzerland — The European Central Bank will not stop with one single 50 basis point hike at its next rate-setting meetings, one board member told CNBC Thursday.

“It will not stop after a single 50 basis point hike, that’s for sure,” Klaas Knot, who serves as the governor of the Dutch central bank, said about the ECB’s upcoming moves.

The European Central Bank raised rates four times throughout 2022, bringing its deposit rate to 2%. The central bank in December said it would be increasing rates further in 2023 to address sky-high inflation.

Recent data has shown a slowdown in headline inflation, even if it remains well above the ECB’s 2% target.

December inflation came in at 9.2% in the euro zone, according to preliminary numbers. This was the second consecutive monthly drop in prices across the euro zone.

This is a breaking news story and it is being updated.

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