ECB’s Nagel Says Rates to Stay Restrictive for Extended Period
- No sign of ‘excessive tightening’ in bank-lending conditions
- Too soon to know how far borrowing costs will rise, Nagel says
Joachim Nagel
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
The European Central Bank will have to keep interest rates at restrictive levels for an extended period to get inflation under control, Governing Council member Joachim Nagel said.
While it’s too soon to say how much further borrowing costs will have to rise, it’s clear that the ECB’s historic tightening campaign must continue, the Bundesbank President said in a speech in Stuttgart on Thursday.