In an interfaith marriage, would the non-Muslim partner be prohibited from celebrating e.g. Easter, Christmas?

As Muslims we do not celebrate holidays like Easter or Christmas. However if you were involved in an interfaith marriage (with someone from the "people of the book"), would the other person be prohibited from celebrating such holidays? Or are they allowed to celebrate as long as you (as a Muslim) do not, but just wish them "well" out of respect and politeness? Where does Islam stand on this?