ECB’s Makhlouf expects less interest rate hikes in 2023

During the interview for Sunday Independent newspaper, Gabriel Makhlouf, head of the CB of Ireland and governing council member of the European central bank, said the pace of interest rate hike in the Eurozone will probably slow down in 2023.

Since July, the ECB has been raising rates at the fastest pace. Markets now expect a 50-75 basis point increase after the next Council meeting on December 15. In the same week, Makhlouf expressed his positive view of possible rate hikes.

Economists were convinced of the need for more rate hikes for the sake of lower inflation. However, due to the report published by the bank on Thursday it became clear that experts are not ready yet to come to a consensus on the further monetary policy.