[ECB Governing Council Member Nagel: Further Rate Hikes Highly Likely] According to Jinshi Data on November 14th, ECB Governing Council member Nagel stated on Friday that if the current situation persists, the ECB may need to raise interest rates again. Nagel pointed out that the longer inflation remains high, the greater the risk of a second-order effect. Compared to the September forecast, the inflation outlook has deteriorated, with energy prices significantly higher than previously expected, and natural gas and electricity prices accelerating in recent weeks. Meanwhile, core inflation remains high, and short-term inflation expectations are rising along with overall inflation. Nagel stated that the European economy is currently showing some resilience, and the possibility of a repeat of the inflation situation in 2022 is unlikely, but this depends on the ECB fulfilling its responsibilities.