Although there was no forward guidance, statements by several officials indicate that further rate hikes will be necessary.

　　While the European Central Bank did not give any forward execution after raising interest rates this week, three hawkish policymakers reiterated that the central bank would raise rates further once financial market volatility subsided.

　　Gediminas Simkus, Governor of the Central Bank of Lithuania (LTU), said: "The inflation trend has not disappeared, the transmission of inflation takes time, and the disappearance has a process. February's core inflation developments are particularly worrisome, as they add to the upward pressure on wages. And eurozone (EARN) banks are well capitalised. While we have to be cautious in our assessment going forward, I still think this is not the last rate hike."

　　Peter Kazimir, Governor of the Central Bank of Slovakia (SVK), said: "In our forecasts, it is clear that inflation will persist in the future. Core inflation hit 5.6% in February and is proving stubbornly sticky. While the rate hikes that have been completed are starting to have an impact, inflation risks remain skewed to the upside. So this 50 basis point hike was inevitable and necessary. Further rate rises will also be necessary. It's a delicate situation, but we're not at the finish line yet. Whether and by how much -- time and data will provide guidance."

　　Estonian Central Bank Governor Madis Muller said: "I do not want to predict the economic indicators and the actions of the central bank in the coming months. Financial markets expect interest rates to continue to rise. In order to bring inflation down to the number in this forecast, one assumes that interest rates still need to rise. Core inflation has not yet shown signs of slowing, and it is too early to predict that inflation has stalled to the point where rate hikes can be halted. Estonian banks have nothing to worry about."

　　The comments suggest that hawkish policymakers have neither given up on further rate hikes nor given up on talking about it, even as they compromised at this meeting. At the same time, leading centrists also signaled that further rate hikes may be needed.

　　Francois Villeroy de Galhau, governor of the Central Bank of France (FRA), said: "The priority is to fight inflation and we have a commitment to return inflation to 2%." "We are sending a strong and twofold signal: confidence in our anti-inflation strategy and confidence in the soundness of European and French banks."