European Central BankPhilip Lane, the Chief Economist of the Frankfurt Institution, acknowledged Friday that there was “very high” inflation within the region. He suggested the institution may need to “rethink” its policies.

Euro area saw inflation reaching 7.5% in MarchPreliminary data from Friday showed that it was at 5.9%. Recent headline inflation records have been broken, with 5.9% recorded in February. Experts believe that inflation will increase even more in the future.

Our sequence will dictate that the first decision is to determine if medium-term inflation prospects are maintained. We would then be considering ending net [asset]Purchases in the Third Quarter,” Lane, ECB spoke to CNBC on Friday about the bank’s current policies and its decision not to remove the pandemic-era stimulative.

He said, “But, if we see the outlook getting worse, and the inflation outlook gets weaker, we’ll have to think about it again.”

In response to rising inflation, the ECB declared last month it would end its quantitative easing program for the third quarter. The central bank appears to be at crossroads after Russia’s invasion of Ukraine unprovoked has created new economic problems, including higher food and energy prices.

The ECB is now faced with a dilemma: How to reduce massive inflation while still maintaining a slower economy?

Lane explained that “we have opposing factors.” Lane stated that there is an energy shock with second-round inflation effects. On the other side, Lane said the weakness of sentiment and the possibility of inflation-stopping high prices will cause real incomes to suffer. Lane spoke on CNBC.

He stated that there would be “lots of work, analysis and debate” about the effect of these opposing forces on each other.