European Central Bank officials told Reuters that interest rates should be raised in June.

Isabel Schnabel, a member of the European Central Bank's Executive Board, said that even if the conflict in the Middle East is quickly resolved, the European Central Bank should still raise interest rates next month. "Given the scale and persistence of the current shocks, in my view, ignoring them is no longer an option," she said in the report. "Based on the current situation, I believe it is necessary to raise interest rates in June." Schnabel said in an interview on Tuesday, "Even if the war ends today, energy infrastructure and global supply chains have already suffered significant damage." "So even so, I believe that monetary policy measures still need to be taken," she said. However, she added that the European Central Bank should not make commitments about its policy after June.