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.
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