The European Central Bank will do its best to bring inflation down to the 2% target, ECB chief Christine Lagarde said, hinting at “significant” rate hikes at upcoming meetings.

Borrowing costs will rise steadily until they reach a sufficiently restrictive level and then remain at that level for an extended period, Bloomberg news agency quoted Lagarde as saying at an event in Germany.

“We will stay the course to make sure inflation returns to our target level soon,” she said. – “It is critical that we do not allow high inflation to be sustained. “Energy price increases have been slowing recently, but core inflation continues to accelerate,” Lagarde added.

The day before, Dutch Central Bank Governor Klaas Knot said he supports at least two more 50 bps rate hikes. Meanwhile, his Greek Central Bank counterpart Yannis Stournaras called for a more moderate approach amid a weakening eurozone economy.

The next ECB meeting will be held on February 2.