Bank of Greece governor and European Central Bank council member Nicholas Garganas said a further ECB interest rate hike is to be expected. "We should expect a further rise in interest rates in the euro zone" to counter increased inflation risks, Garganas told a press conference. "Obviously the pace of the rise in interest rates will depend on economic developments, and particularly developments in oil prices," he said. Garganas said ECB research suggests that a 10 usd per barrel increase in the oil price leads to an increase in euro zone inflation of 0.16 percentage points and depresses GDP growth by 0.1 percentage points. The ECB raised rates in December and March, and markets expect a further tightening move in June