Bundesbank’s Nagel Says ECB Should Refocus on Price Stability

Bundesbank Board member Joachim Nagel said the European Central Bank should start refocusing on its primary mandate of inflation fighting soon.

“That is the ECB’s and the euro-area central banks’ primary task, which they have fulfilled successfully since the introduction of the euro, completely independently of governments,” Nagel said, according to the text of a speech due for delivery in Munich today.

Nagel said the ECB’s non-standard measures have increased the risks to the central bank’s balance sheet and that the separation between fiscal and monetary policy must be maintained.

To contact the reporter on this story: Gabi Thesing in London at gthesing@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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