Second, we announced our intention to raise the key ECB interest rates by 25 basis points at our July monetary policy meeting and to raise them again in September.
The size of the interest rate increase in September will depend on the updated medium-term inflation outlook − if the medium-term inflation outlook persists or deteriorates, an increment of more than 25 basis points will be appropriate. Third, looking further ahead, we indicated that a gradual but sustained path of further increases in interest rates will be appropriate, based on our current assessment.