On Thursday, September 14, The European Central Bank raised interest rates for the 10th consecutive time as President Christine Lagarde signaled a shift in gear that could mean the peak has been reached. While economists and investors now see the 4% level set on Thursday as the high point for borrowing costs in the current tightening cycle, the ECB chief insisted that she can’t yet say if that’s the case.

Stubborn euro-area inflation could force the European Central Bank to raise interest rates again, according to Governing Council member Robert Holzmann.

The Austrian policymaker defended the decision to lift the deposit rate for a 10th straight time this week and said the conclusion that the current level of borrowing costs will substantially advance the fight against price rises shouldn’t be understood as the ECB going soft.

“We definitely can’t say that this was the final hike,” Holzmann said in an interview in Santiago de Compostela, Spain, where he’s attending a gathering of European finance chiefs. “The likelihood isn’t big, but there is a risk that more tightening might be needed.”