That will bring the deposit rate to zero, which if you would have said in December last year, would be unthinkable. And even now, it may still be a rather tough call despite all the hawkish undertones.
Eurozone money markets are also bringing forward the first 10 bps rate hike by the ECB to June and that to me screams 'overdone'.
The main criteria laid out by the ECB is that they will only hike after ending APP purchases and unless they want to risk the bond market throwing a fit, they have to manage those expectations well going into the March meeting.
I can see the case for a rate move in Q3 or Q4 should inflation pressures continue to keep higher but otherwise, this is certainly quite a drastic shift from the ECB if they do proceed as how markets are pricing things in at the moment.