ECB vice-president Luis de Guindos told Lithuanian business weekly Verslo zinios that what considered as the eurozone’s downside scenario in September, is coming closer to the baseline scenario.

The downside scenario from the ECB's September projections would see the euro area economy shrink by almost 1% next year, while the baseline scenario forecast growth of 0.9%.

"The difference between the baseline and downside scenarios lies in the evolution of energy supplies from Russia," De Guindos said.

"The assumption under the baseline scenario is that 20 percent of energy deliveries would continue to be supplied, whereas the downside scenario assumes a total cut-off," he added.

The ECB has joined central banks around the world in hiking interest rates to cool prices and dampen demand, at the risk of triggering an economic downturn.

Inflation in the 19-nation eurozone hit a fresh high of 10% in September.