Interest rates are on the way up with the European Central Bank set to deliver its first hikes since 2011 this lunchtime.
It follows a cut to Eurozone economic growth projections for 2022 along with a surge in the rate of inflation.
Rates are expected to rise by a quarter of one per cent with some predicting that it may be as much as half of one per cent.
Economist Jim Power said rates could go beyond 2 per cent over the next year and a half.
"European Central Bank will move quite aggressively on the rates front, taking rates from around 0% to 2%, and at that stage pause for breath and see if it's keeping inflation under control.
"However there are no guarantees over the next 12-18 months that 2% will be enough to do the job."
