ECB’s Nagel: the risk of a too late tightening has increased

  • If bond purchases end in Q3 as expected, rates could rise this year
  • The ECB should rise if the outlook calls for it
  • The low inflation environment is unlikely to return
  • The risk of second-round effects from high inflation is on the rise

Nagel is the head of the Bundesbank and a hawk, so these comments come as no surprise. If ever the ECB found itself behind the curve in an inflationary environment, it would absolutely destroy the budgetary balances of the euro zone.


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