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BCE says it cannot commit to future rate cuts
Bundesbank President Joachim Nagel said Thursday that the European Central Bank (ECB) can’t commit to a rate-hike path even if it raises interest rates in June.
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Economia Bundesbank
Speaking at a conference in Berlin, the president of the German central bank stressed that he would favor a rate cut in June if the data increased his confidence that inflation would return to the 2% target.
Nagel recalled that the experts' projections show that this will happen by 2025, but that he is not "fully convinced that inflation will actually return to its target in a timely and sustained manner".
He explained that core inflation remains high, especially in the services sector, due to the "continued strong growth in wages".
Therefore, the ECB's Governing Council will continue to make decisions on a meeting-by-meeting basis and based on the data that is coming in, with the aim of restoring price stability soon.
During his speech in Berlin, Nagel also spoke about the digital euro, which is in the preparation phase and will not be introduced in the short term, but which, in his opinion, will be a success and will bring benefits to both merchants and consumers.
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