In 2022, the European Central Bank will have to focus on gradually phasing out negative interest rates and unconventional monetary policy, according to the institution's policymaker Robert Holzmann.

Holzmann, Austria's central bank chief, predicted that inflation would peak around the turn of the year and then gradually decline.

The Austrian National Bank anticipates that consumer prices harmonized with inflation data from other European Union countries (HICP) will rise 3.2% in 2022, following a 2.7% increase this year.

At the same time, it expects HICP to rise by 2.3% in 2023 and 2.0% in 2024.

ECB to Act If Upside Inflation Risks Materialize, Holzmann Says - Bloomberg