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ECB’s Holzmann says crucial to phase out negative interest rates in 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Robert Holzmann (European Central Bank Policymaker, Austrian National Bank Governor) attends the Vienna News Conference on 2 December 2019. REUTERS/Leonhard Foeger

BERLIN, (Reuters) – The European Central Bank must focus its efforts on gradually phasing away negative interest rates and unorthodox monetary policy by 2022 according to Robert Holzmann.

Holzmann, also Austria’s central banking chief, predicted that the inflation rate would rise to a peak at the beginning of next year before slowly easing back down.

Following a rise of 2.7% in this year’s inflation, the Austrian National Bank predicts that consumers prices will increase by 3.2% in 2022 if they are harmonised to other European Union countries’ inflation data (HICP).

It also expects HICP will rise by 2.3% and 2.0%, respectively, in 2023, 2024.

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