European Central Bank Governing Council member and Bundesbank President Joachim Nagel stated that the ECB may have to raise interest rates once more.

Speaking to reporters on the sidelines of the International Monetary Fund (IMF) annual meetings in Bangkok, Nagel said: "We have already raised policy rates twice. If the current situation does not change, we cannot rule out that we may need to act again."

The ECB has already raised rates twice during this tightening cycle, and it is widely expected that the central bank will hike by another 25 basis points at its December policy meeting.