ECB's Kazimir: Strong action will be necessary in 1H 2023

European Central Bank (ECB) policymaker Peter Kazimir said on Monday, the central bank will need to act strongly in the first half of the next year.

Key quotes

Strong action will be necessary in 1H 2023.

Rates will not only have to go to restrictive territory but stay there much longer.

Risks for economy clearly downward, inflation risks are upward.

Fiscal policy starting to add to inflation risks.

Market reaction

The Euro fails to capitalize on the hawkish commentary from the ECB policymakers, defending gains at around 1.0615, at the time of writing. The pair is up 0.31% on the day.