Deutsche Bundesbank President Joachim Nagel said on Wednesday that the European Central Bank (ECB) will have to raise interest rates further but stressed it is still early to tell to what level the rates will have to be hiked.
Nagel insisted that further action needs to get taken as price stability will "not come about by itself." However, he also warned the ECB is "wary" of proclaiming a new era of high interest rates.
A day earlier, the German central banker stressed that it is still uncertain whether the bank will raise rates in September, as that decision will depend on incoming data.
