According to chief economist Philip Lane, the ECB will have to raise interest rates several more times, even though inflation is likely to have almost peaked.
It will still be some time before the inflation rate in the euro area returns to the ECB's target of 2.0 percent, Lane told the newspaper "Milano Finanza" on Tuesday.
“We assume that further rate hikes will be necessary.
But a lot has already been done,” added the Irishman.
This preparatory work must be taken into account when the interest rate decision is taken on December 15th.
In the executive floor of the European Central Bank (ECB), the voices have recently increased that, after two large interest rate hikes in a row, now expect a less aggressive pace - also because there have recently been indications that the high price pressure is easing.
Lane said he was "reasonably confident" inflation was likely near the peak.
However, in view of the significant increase in natural gas prices, he does not rule out a further increase at the beginning of next year.
In September and October, the ECB increased the key monetary policy rate by 0.75 percentage points.
The deposit rate that banks receive from the central bank for parking excess funds is 1.50 percent.
An increase of half a percentage point is now expected for next week's meeting.
The inflation rate fell to 10.0 percent in November from 10.6 percent in October.
The weakening from the previous record level should provide the monetary authorities with arguments to take their foot off the gas when raising interest rates.
According to ECB President Christine Lagarde, the central bank is keeping all doors open for rate hikes in the fight against inflation.
How much further the ECB has to go and how quickly it has to get there depends on various factors.
These included the economic forecasts of the ECB economists, the extent of the economic crisis, the development of wages and inflation expectations.