On September 19, ECB Governing Council member Francois Villeroy de Galhau said that as long as it is necessary to fight inflation, the European Central Bank will keep interest rates at 4%. This suggests that he currently does not favor further interest rate increases. This comes after the European Central Bank raised borrowing costs for the 10th time in a row last week, despite objections from cautious officials. President Christine Lagarde said she could not say whether this would be a peak, and hawkish officials have since stressed that this may not be the last rate hike. Villeroy said persistence is the key to overcoming inflation.