ECB's Nagel: let's raise rates, we can talk about size

KOENIGSWINTER, Germany (Reuters) - The European Central Bank should start raising interest rates but the size of the increase is still up for discussion, ECB policymaker Joachim Nagel said on Friday.

"It is important in such a situation to start the whole process by raising rates, that's of the utmost importance to me - the rest we will discuss at the next Governing Council meeting," Nagel told reporters at the end of a G7 meeting.

He had been asked whether he would support raising the ECB's deposit rate by 50 basis points.

Nagel also said the first hike should come in July and further moves could follow soon.

(Reporting By Francesco Canepa; Editing by Raissa Kasolowsky)