European Central Bank member says more rate hikes still possible if new shocks emerge

Austrian central bank Governor Robert Holzmann said the European Central Bank could implement one or two further interest rate increases, if there are "additional shocks" to the economy.

The hiking cycle could end, "if everything goes well," but "if additional shocks come, and if the information we have proves to be incorrect, we may have to hike another time or perhaps two times," Holzmann told CNBC's Joumanna Bercetche on Tuesday, speaking from the International Monetary Fund's World Bank Forum in Marrakesh.

The European Central Bank opted to hike interest rates to a record in September, continuing a cycle that has lasted almost two years. The 10th consecutive increase brought the main deposit facility to a 4%, as the bloc continues to battle inflation.

Earlier in the day, Holzmann's French counterpart, Francois Villeroy de Galhau said "inflation is the sickness," while forecasting a landing near 2% by 2025.

He added that there was a "clear downward trend" in prices, in an interview with franceinfo, as translated by CNBC.