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The ECB should raise interest rates in June, even if ongoing peace talks with Iran yield a deal, as the ​conflict has been far longer than projected and high energy prices are spilling into the broader economy, board member Isabel Schnabel said. The European Central Bank has kept rates on hold for the past year, but it debated a hike last month as sharply higher energy costs pushed inflation well above its 2% target, and numerous policymakers have signalled a need for action. "Given the size and the persistence of the current shock, looking through is no longer an option in my view," Schnabel told Reuters ​in an interview. "From today's perspective, I think a rate hike in June will be needed." While the U.S. has signalled progress in peace talks with Iran, ​Schnabel, a potential successor to ECB President Christine Lagarde next year, said the ECB may be past a point of ⁠no return because energy infrastructure has been damaged and high energy prices are feeding through to the broader economy. Schnabel warns that inflation pressures are beginning to spill over beyond energy into broader consumer goods.