European Central Bank Policymaker De Guindos said that the ECB is in the final stages of its hiking cycle while policymaker Kazimir said that hikes may continue for longer than originally thought.
The EU Commission’s spring forecast raised the 2023 growth outlook to 1.1% from 0.9% while the outlook for 2024 was increased to 1.6% from 1.5%.
The inflation outlook was raised to 5.8% from 5.6% for 2023 while the forecast for 2024 was increased to 2.8% from 2.5%.