ECB could hikes rates by 50 bps each in Feb and March, Rehn says

The European Central Bank will likely have to raise interest rates by a half a percentage point at each of its next two meetings to lower inflationary pressures, Finnish central bank chief Olli Rehn said on Friday.

"We will stay the course as President (Christine) Lagarde yesterday indicated and this will likely mean 50 basis point rate hikes in the coming meetings, at least as far as I see in February, and March," Rehn told a news conference.

"We will stay the course and we will do whatever it takes to contain inflation and stabilize it at the target," he said. "There is still quite some way to go."