Holzmann is head of the Austrian National Bank and thus on the European Central Bank policy-setting board.
Earlier post here:
The gist of this post is that the European Central Bank will set the size of a next tightening step in September (+50, or small or or larger) depending on developments in the economic outlook.
Bloomberg (gated) have added a little more:
- The European Central Bank may have to accept a moderate recession to stem price pressures if it sees signals that inflation expectations are rising
- “We hope that won’t become necessary”
The energy crisis in Europe looks to me like it has baked in an EZ recession, whether the ECB wants to 'accept' one or not.