Councilor of Governors of the European Central Bank Robert Holtzman said today that the ECB may tighten monetary policy sooner than expected, as inflationary pressures may be resilient. According to the latest data, inflation in the eurozone reached a ten-year high in August, showing a 3% rise in consumer prices. The European regulator, which will meet again on Thursday, has maintained its ultra-soft policy since the start of the pandemic and promised to extend it even longer when it unveiled a new strategy in July. However, inflationary pressures in the summer months rose faster than the central bankers and analysts had predicted. According to the ECB, the upward pressure on prices could arise from persistent problems in global supply chains, labor shortages, subdued demand from households, spending on combating climate change, as well as higher headline inflation. From the ECB meeting, market participants expect a decision on the reduction of incentives. At the same time, many are waiting for promises to extend significant support to the economy in the next few years.
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