Germany’s Bundesbank President and European Central Bank Governing Council member Nagel spoke on Monday.
Key points:
-
Transmission may be taking longer than in the past
-
Reiterates that a
hard landing is unlikely -
Too early to declare
victory over inflation -
Core inflation in
euro zone is ‘very sticky’ -
Don’t currently
see risk of overtightening - “We have to hike next time and I expect another 25 basis-point hike for the July meeting”
- “For the September meeting, we will see what the data will tell us”
—
The ECB July meeting is next week: