European Central Bank board member Wunsch said that if the conflict in the Middle East continues, multiple interest rate hikes may be necessary.

Pierre Wunsch, a member of the European Central Bank's governing council, said in an interview on Monday that if the energy crisis caused by the conflict in the Middle East continues for a long period of time, the central bank may have to raise interest rates multiple times, with the first action possibly taking place later this month. The governor of the Belgian central bank stated, "My personal inclination is to say: if the conflict has not ended by the end of June, I believe we will have to raise rates, but I also do not rule out the possibility of a rate hike in April." He noted that officials cannot change the direct impact of the crisis on energy prices, but can limit its impact on other goods and services prices. The central bank must take action at some point to control the indirect effects of the energy crisis.