The Governor of the Central Bank has he said he thinks the European Central Bank could raise interest rates above the 3.5% mark.
Gabriel Makhlouf also told the Wall Street Journal in an interview that it is likely the bank won't cut rates again this year as it moves to bring inflation under control.
So far the ECB has raised rates by 3% since July in a bid to tame the rising cost of living across the eurozone, bringing the key deposit rate to 2.5%.
It has also given a clear signal that it intends to increase rates by a further 0.5% when its Governing Council meets again next month.
However, a better than anticipated performance by the European economy and employment market had boosted hopes that perhaps the ECB was getting close to the top of this interest rate raising cycle.
But the Governor signalled in the interview that this may not be the case.
"I could see it [interest rates] being higher than 3.5%," said Mr Makhlouf.
"I’m open to acting forcefully to get inflation down to our target."
He also scotched any suggestion of cuts later this year.
"I think that really is going too far…We’ll reach a point where we’re going to, then plateau," he said.
Mr Makhlouf was speaking in Berlin where he was attending an event.
