“We are still facing significant uncertainty”

The statement was made by Joachim Nagel, President of the Bundesbank (Germany’s central bank) and a member of the Executive Board of the European Central Bank, commenting on the hostilities in the Middle East. Against this backdrop, inflation in Europe will rise, and the ECB will have to tighten monetary policy.

Nagel’s colleagues share similar views: for example, the heads of the central banks of Slovenia and Austria, Primoz Dolenc and Martin Kocher, note that “risks remain high,” but disagree on how soon the key interest rate will need to be raised. The next ECB Governing Council meeting will take place in September.

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@uinhurricane✅