ECB's Villeroy: Must not speculate on the number of rate hikes

Villeroy says that the ECB does not want to provoke a recession

Should escape a 'hard landing' for the economy
Too early to talk about the terminal rate

He also says that it is important to have "proportionate" rate hikes, which is a consistent message to Lagarde yesterday - in which she said that they may have to stick with 50 bps rate hikes for a while.