The European Central Bank still has some way to go to raise borrowing costs, which should remain high for a prolonged period to keep inflation under control, according to Governing Council member Pablo Hernandez de Cos. “The process of monetary tightening is already well advanced, although, with the information currently available to us, we still have some way to go,” de Cos said in Barcelona. “We also anticipate that interest rates will have to remain in restrictive territory for a long time to reach our target in a sustained manner.” Considered one of the more dovish ECB rate setters, the remarks by de Cos — who ... (full story)