European Central Bank Executive Board member Isabel Schnabel (pictured) stated on Thursday that the "outlook for the euro area remains highly uncertain."
Delivering remarks in Frankfurt at a conference organized by the ECB and the Federal Reserve Bank of Cleveland, she stressed that although headline inflation has decelerated, "underlying price pressures remain stubbornly high."
The ECB "cannot predict where the peak rate is going to be, or for how long rates will have to be held at restrictive levels," she warned.