Eurozone Consumer Confidence Index rose from -22.0 in April to -21.1 in May, according to the latest data release from the European Commission. That was slightly better than the small expected rise to -21.5, but still left the index close to multi-year lows, as EU consumers struggle amid surging energy-driven inflation, a slowing economy and uncertainty with war raging close to its borders in Ukraine.  

Despite economic weakness, ECB policymakers continue to signal intentions to start lifting interest rates in July, with inflation still running at multi-decade highs in the Eurozone. A consensus at the bank seems to have built that it is time to end the negative interest rate experiment.