In an interview with Delfi published Tuesday ECB President Christine Lagarde said the European Central Bank will continue to try to curtail inflation in the Eurozone by raising interest rates, regardless of the growing risks of inflation.

Interest rates have risen by a total of 200 basis points since July in the Eurozone, “the fastest increase in the history of the Euro.” As the European Central Bank has attempted to counteract the soaring inflation on the Eurozone, the central bank has taken rates to 1.5%, the highest since 2009. The bank has said, “using all the tools we have available,” it will seek to return inflation to its 2% target rate.

Lagarde said, “The destination is clear, and we are not there yet. We will have further rate increases in the future.”

In response to a recent note claiming the ECB has responded too slowly to inflation, Lagarde said the ECB began “normalizing” the bank’s monetary policy last year and, “we are not done yet.” She added that future policy steps would be decided upon, “meeting by meeting,” based on the outlook for the economy and the specific changes in inflation.

Lagarde admitted that a recession for the Eurozone was looking more and more likely, but emphasized, “the longer inflation stays at such high levels, the greater the risk that it spreads throughout the economy.”

Eurozone inflation reached a record high of 10.7% in October, up from the 9.9% of the previous month. Forecasts show it remaining well above the European Central Bank’s 2% target rate well into 2024.