President of the Deutsche Bundesbank and member of the European Central Bank's (ECB) Governing Council Joachim Nagel (pictured) stated on Monday that the ideal time for the ECB to implement a full rate descent has not yet arrived.
"One thing is out of the question for me: we have to remain cautious. This is because there is still great uncertainty about future economic and price developments," Nagel added during his speech at the change of office ceremony at the headquarters in Saxony and Thuringia.
Nagel noted that the ECB has not yet commenced the process of lowering rates from their highest point, referring to last week's 25 basis points reduction. "I don't see us on a mountain peak from which it is necessarily down. I see us more on a ridge where we still have to find the right point for further descent," he said.
