Member of the European Central Bank (ECB) Governing Council and Deutsche Bundesbank President Joachim Nagel said on Wednesday that gradualism in setting monetary policy was called for as the ECB's easing cycle neared the neutral rate.
"The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach," Nagel said in a speech at the London School of Economics and Political Science.
"There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go," he added. According to the policymaker, the bank's data-dependent, meeting-by-meeting approach had proved successful and there was no need to "speed things up."
