The European Central Bank should raise interest rates by another 75 basis points when it next sets policy in October, with steps likely to get smaller after that, according to Governing Council member Martins Kazaks. “In the current situation, we can still make big steps, and the next step still has to be big because we are still far away from rates that are consistent with 2% inflation,” Kazaks said Wednesday in an interview in Vilnius. “I would side with 75 basis points -- let’s take a bigger step and move the rates up faster.” The Latvian official said that doesn’t mean “75 basis points is something standard from ... (full story)