European Central Bank Managing Director Stournaras said that if oil prices continue to remain high, the European Central Bank may have to raise interest rates Yannis Stournaras, the Managing Director of the European Central Bank, has warned that if oil prices remain at current levels, the central bank may be forced to raise borrowing costs. This falls between the second and third scenarios proposed by the European Central Bank, rather than between the first and second scenarios, "he said. He refers to the benchmark, unfavorable, and severe paths for growth and inflation proposed by the European Central Bank in March. The Greek central bank governor said, "If this situation continues, the European Central Bank will have no choice but to raise interest rates. But we all hope to avoid this situation from happening