ECB's Kazimir: We have to be ruthless in tightening policy

European Central Bank (ECB) policymaker Peter Kazimir said on Wednesday that they have to be ruthless in tightening the monetary policy, as reported by Reuters.

Regarding the upcoming rate decision, Kazimir argued that a 75 basis points hikes in rates would be a "very good candidate" to keep the pace of tightening.

Market reaction

Despite these hawkish comments, the shared currency is struggling to gather strength. As of writing, the EUR/USD pair was trading at 0.9567, where it was down 0.25% on a daily basis.