CNBC received Friday’s statement from a member on the governing council of the ECB that rates will be hiked soon by the bank for the first-time in over a decade.

Because of its less aggressive stance in monetary policy, the ECB is often in the news. In the face of rising inflation, market participants have been predicting a rise in rates.

Joachim Nagel of Germany’s Bundesbank, who is also a member of the ECB’s most hawkish members, said, “We’re on the right road.”

“In our very important meeting in March we decided to end our net asset purchases and in the June meeting, dependent on data, we will decide to stop maybe — and I say this because this data are speaking a very convincing language here — that we stop our purchases and afterwards I believe we will see rather soon the first rate hikes,” he said.

According to his comments, the first interest rate hike could occur in July after the ECB discusses the new economic forecasts for the preceding month.

Nagel who is in this job since January said he warned about rising inflation and now sees more momentum for increasing interest rates.

He said, “I really appreciate the fact that so many of my colleagues from the governing board are now joining me here,”