Inflation in the euro area is likely to move below the European Central Bank's target of 2% next year, the European Commission has said.
Bundesbank Governor Joachim Nagel became the second central banker in the last few days to indicate that the ECB may raise rates later this year.
The debate over inflation in the 19-member bloc is fierce. On the one hand, some argue that current inflationary pressures will ease and a degree of loose monetary policy is needed. Others counter that the ECB needs to tighten monetary policy after consecutiveBundesbank Governor Joachim Nagel became the second central banker in the last few days to indicate that the ECB may raise rates later this year.
"As the pressures from supply constraints and high energy prices fade, inflation is expected to decline to 2.1% in the final quarter of the year, before moving below the European Central Bank's 2% target throughout 2023," the institution added.
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