French Finance Minister Bruno Le Maire has said he does not expect interest rates to go down in the months ahead.

“There will not be any reduction in interest rates in the coming months,” Le Maire told France Inter radio.

The European Central Bank (ECB), which has to grapple with inflationary pressures and signs of an economic slowdow, has raised rates at each of its past nine meetings but policymakers are now contemplating a pause as recession risks loom and wage growth remains moderate.