FRANKFURT(Reuters) – The Euro zone inflation has reached “very high levels” and Frank Elderson (ECB board member), said that the European Central Bank must ensure this doesn’t become entrenched in inflation forecasts.

Elderson tweeted that the timing of rate rises is dependent on new data and will be discussed in depth at our June (9 meeting).

“We have to ensure that high inflation does not get entrenched in people’s expectations,” he added.