ATHENS (Reuters) – Those who project eurozone interest rates will rise are “probably in a hurry,” Greek central bank president Yannis Stournaras said on Monday, estimating that inflation will be below 2% in next year.
Stournaras, a member of the Governing Council, said that despite the rise in energy prices, the European Central Bank does not expect a significant rise in inflation in the medium term and those who closely monitor the situation do not propose “an automatic monetary policy reaction ”.
“Those who see an interest rate hike are probably in a hurry,” Stournaras said at a conference in Athens.
Eurozone inflation is expected to approach 4% by the end of this year, double the ECB’s target, before cooling to less than 2% over the next year.
A selloff in European bond markets picked up steam on Monday, as German debt yields rose to their highest level since May, as currency markets fully priced an interest rate hike by the European Central Bank through the end of 2022.
(By Lefteris Papadimas)
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