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Business Recorder
a day ago
- Business
- Business Recorder
ECB will keep doing all is needed to meet inflation goal, Nagel says
MILAN: The European Central Bank (ECB) will keep doing all that is necessary to complete its nearly accomplished mission on inflation, one of its top policymakers, Bundesbank President Joachim Nagel, said on Thursday. Annual euro zone inflation fell to 1.9% in May, from 2.2% in April, EU statistics office Eurostat said on Wednesday. Speaking at the Young Factor student conference in Milan to promote financial literacy, ECB Governing Council member Nagel said that bringing euro zone inflation to the 2% target was the best thing the central bank could do to promote economic growth. 'I guess this year we are coming close to our target, 2% on average, that is more or less mission accomplished,' the German central banker said, adding that the ECB has been shown to be good at using a wide range of tools to achieve price stability. 'We are now in the neutral territory of monetary policy,' he said. 'So I believe that we are on the right track when it comes to monetary policy. … We will do what is necessary, we did it in the past.' ECB has learned its lesson about ills of easy money, de Guindos says ECB Vice President Luis de Guindos, at the same conference, said the ECB would stick to a data-dependent, meeting-by-meeting approach to monetary policy given the high level of uncertainty linked to geopolitical developments. In Milan on Wednesday, ECB policymaker and Bank of Italy Governor Fabio Panetta said the ECB would retain a flexible approach, pointing to forecasts indicating that euro zone inflation would undershoot the ECB's 2% target for an extended period of time. Bank of Portugal Governor Mario Centeno said on Wednesday at the student conference that weak economic growth in the euro zone could prevent inflation from hitting the ECB's target. However, Nagel stressed that the ECB's mandate was solely price stability, so it did what it could within that remit, laying the ground for politicians to do the rest.
Reuters
a day ago
- Business
- Reuters
ECB will keep doing all is needed to meet inflation goal, Nagel says
MILAN, June 19 (Reuters) - The European Central Bank has shown to be very good at using a wide range of tools to achieve price stability and will keep doing all that is necessary to complete its nearly accomplished mission, one of its top policymakers said on Thursday. Speaking at a student conference in Milan, European Central Bank Governing Council member Joachim Nagel, who heads the German central bank, said that bringing inflation to target was the best thing the ECB could do to promote economic growth. Price stability provides a stable base for politicians to do what is necessary to drive economic growth, he said.
Zawya
a day ago
- Business
- Zawya
ECB will keep doing all is needed to meet inflation goal, Nagel says
The European Central Bank has shown to be very good at using a wide range of tools to achieve price stability and will keep doing all that is necessary to complete its nearly accomplished mission, one of its top policymakers said on Thursday. Speaking at a student conference in Milan, European Central Bank Governing Council member Joachim Nagel, who heads the German central bank, said that bringing inflation to target was the best thing the ECB could do to promote economic growth. Price stability provides a stable base for politicians to do what is necessary to drive economic growth, he said. (Reporting by Valentina Za, editing by Alvise Armellini)
Bloomberg
2 days ago
- Business
- Bloomberg
Germans Must Work Longer, Bundesbank Says in Swipe at Government
The Bundesbank criticized the government's pension plans and doubled down on its proposal that Germans should work longer the longer they live. 'Demographic trends are putting considerable pressure on the German labor market and public finances – longer working lives would counteract this,' the central bank said Tuesday in its monthly report.
Yahoo
4 days ago
- Business
- Yahoo
ECB Shouldn't Rush Into Further Rate Cuts, Bundesbank's Nagel Says
The Bundesbank president said he supports a cautious approach given that inflation in the eurozone has reached its target level.
