Euro area interest rates will have to rise further, but it is not yet possible to say by how much or for how long they will need to remain elevated to bring inflation back to the ECB’s 2% target in a timely fashion, Bundesbank chief Joachim Nagel said in a speech Wednesday, with the course of inflation subject to high levels of uncertainty.

“In my view, the high degree of uncertainty relates not only to the short term, but also to the long term,” Nagel said, citing potential second-round effects, high prices of energy, commodities and other inputs, geopolitical tensions and climate change as factors that could still cause inflation to rise.

Nagel said Tuesday on German TV that "fighting inflation won't be a sprint, but more of a marathon".