By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Madis Müller said on Wednesday that for the ECB to avoid hiking interest rates, the Strait of Hormuz would have to be opened quickly.

Madis Müller, who heads the Eesti Pank, told Bloomberg that “[y]ou would need a very fast and positive solution in the Hormuz Strait and the Middle East so energy prices clearly and more persistently begin falling again.”

“The level of today’s energy prices probably means slower economic recovery and growth but we haven’t fallen into stagflation,” he said.

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