Governor of Austria's central bank, Robert Holzmann, argued on Monday that he would vote for a 75 basis point (bps) interest rate hike at the upcoming policy meeting of the European Central Bank if the inflation data remains unchanged by mid-December.
In an interview for Econostream Media, Holzmann said that he could agree with a 50 bps rate increase if the November HICP data confirms a "major reduction" of consumer price growth. The Eurozone won't face a major recession, he added.
The latest Eurostat data for last month showed the euro area's annual inflation rate surged further to reach a record 10.6%. The next policy meeting of the ECB's Governing Council is scheduled for December 15.
