Reuters reports that ECB policymaker Isabel Schnabel said that inflation in the euro area will "in all likelihood" ease next year after the current spike but she listed risks to that scenario from supply bottlenecks to higher wages.

"Today, against the background of rising inflation rates, particularly in Germany, it was a matter of concern to me to alleviate people's concern that inflation may remain persistently too high or even shoot up uncontrollably. In all likelihood, inflation will noticeably decrease as soon as next year," Schnabel said.