Croatian Central Bank Governor Boris Vujic wants the European Central Bank (ECB) to continue to tighten monetary policy as long as inflation remains high.

“Inflation is well above our target and as long as this is the case, the ECB has to hold out. We really need to get it back to the level we want in the medium term,” says Vujic, who is also a member of the ECB’s Governing Council.

Next month, the European Central Bank is expected to raise interest rates by another 50 basis points to curb inflation. It is still more than four times higher than the European Central Bank’s target, which is an annual increase of 2 percent. By making borrowing more expensive, the central bank is trying to curb demand in the economy and this should lower inflation.

New inflation figures for the Eurozone will be released later this week. Core inflation is expected to remain at record levels. Last Friday, it appeared that inflation in the United States was higher than expected. This is why the Federal Reserve will also tend to raise interest rates for a longer period.