The ECB confirmed in early June its intention to hike rates next month and then again after the summer.
This would likely bring the ECB's deposit rate back out of negative territory and mark a massive moment for the central bank, which has kept rates below zero since 2014. However, there are questions on whether Lagarde will follow through with multiple rate hikes with the region's growth outlook darkening.Chief Economist Philip Lane said the Frankfurt institution will have to remain vigilant over the coming months with the prospect of inflation spiraling ever higher alongside the risk of a consumer-led slowdown the region.
"With the uncertainty, we have to manage the two risks," Lane, who is also a member of the bank's Governing Council, told CNBC's Annette Weisbach Tuesday at the ECB's Sintra Forum in Portugal. "On the one side, that could be forces that keep inflation higher than expected for longer. On the other side, we do have the risk of a slowdown in the economy, which would reduce inflationary pressure," he added.
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