The European Central Bank might have to continue with interest-rate increases after the summer, according to Bundesbank President Joachim Nagel.

“As I see it, we still have more ground to cover,” he said in a speech on Friday. “We may need to keep raising rates after the summer break.”

The ECB hiked rates on Thursday and is very likely to do so again at its next meeting in late July. It then takes a break until officials reconvene for their Sept. 14 decision.

“Once we have reached the peak, we will stay there until we are sure of a safe and timely return of inflation to our 2% target,” he said. “We have to support this interest rate policy by reducing our balance sheet. I very much welcome the decisions to increase the pace of this reduction.”