"As long as core inflation does not fall significantly, inflation is not defeated," he said. Wieland is critical of the view of some Governing Council members that the current level of interest rates might be enough to bring inflation under control. "I think that is wrong. If the interest rate is too low to be restrictive, it may even cause inflation to pick up."
The ECB is not in a position to risk losing credibility again, he said. "It only regained confidence in the spring when it continued its course of interest rate hikes despite banking problems," Wieland said.