The European Central Bank may move to raise interest rates soon after the completion of the bond purchase program, which is expected to happen at the end of next year, ECB spokesman Klaas Knot said.
"We plan to complete the bond purchases by the end of 2022, which will pave the way for a rate hike in early 2023," Knot said.
Asked whether the rest of the ECB's policymakers agree with his forecasts, Knot noted that it is "likely", but added that the prospects for monetary policy will depend on economic growth in 2022.
In general, the ECB lags behind other Central Banks in terms of tightening policy. The Fed announced a faster reduction in the asset purchase program and signaled three rate hikes in 2022, while the Bank of England has already raised its interest rate to 0.25% from 0.10%.
As for the prospects for inflation, Knot noted that the spread of the Omicron coronavirus strain should not have a serious impact on consumer prices, but if the situation changes for the worse, the ECB will be ready to reconsider its plans and take action. According to the latest ECB forecasts, consumer inflation will slow to 1.8% in 2023 and 2024, compared with 4.9% in November.