Meat sold at a market in Brussels, Belgium November 4, 2022. (Photo: Xinhua/VNA)

During a joint television interview on German channel Phoenix, Bundesbank President Joachim Nagel and Bank of France Governor Francois Villeroy de Galhau said the ECB’s tightening will eventually tame the price rise that’s currently running at five times the target rate.  

Consumer prices rose 10% in the year to November, according to initial data for the 19 countries that use the euro. That’s down from a record 10.6% jump the previous month, and is lower than economists had expected. However, the rate is still too high compared to the ECB's 2% target for 2022.

Some policymakers argue that the ECB needs to raise interest rates sharply even as inflation declines to avoid damage from a spiral of rising prices and wages.