ECB's Nagel says no automatic mode for cutting rates - Breaking The News

ECB's Nagel says no automatic mode for cutting rates

9 July

1 min read

EPA-EFE/SASCHA STEINBACH

European Central Bank (ECB) Governing Council member and Bundesbank President Joachim Nagel stated on Tuesday that there is no automatic mode for lowering interest rates. "We don't cut interest rates on autopilot," the central banker said in an interview with Tagesspiegel.

Nagel further said that the ECB will closely monitor economic data for its future monetary policy decisions. "We will remain cautious," he added.

Additionally, the policymaker voiced his satisfaction regarding the reduction of inflation, stressing that the ECB expects "it to reach our target of 2% by the end of 2025 at the latest." However, he underscored that the core inflation rate is still "relatively high."

interest rate ecb buba nagel

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