The European Central Bank (ECB) is warning governments and other investors to get ready for higher interest rates.
ECB member Benoit Coeure told a finance conference Monday that a looming adjustment to the bank's monetary policy is transparent.
"It's obvious that the financial sector, and other economic actors and especially governments must prepare (for higher rates),"
"I hope that euro zone governments know that interest rates will not stay at current levels," Coeure added.
Recent spikes in the cost of French and German debt has been pinned on scarcity in the market, exacerbated by the ECB's continuous buying.
"So far we see no evidence that the current constellation of interest rates bears risks or the smooth function of markets, nor to financial stability or the transmission of our policy," he said.