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MNI BRIEF: ECB Must Act 'Decisively' On Inflation - Nagel

(MNI) LONDON
(MNI) London

Central bank must continue to tighten policy to tackle above target inflation, Bundesbank head says.

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Contagion risks to euro area banks from recent market instability “appear to be low,” although it could have a negative effect on growth, Bundesbank chief Joachim Nagel said in a speech Wednesday, in which he also called for continued “decisive” action to tackle above-target inflation.

“According to the ECB’s economic projections published last week, GDP in the euro area will grow only by 1% this year. It should be taken into account though, that the current financial market tensions imply greater uncertainty around projected figures,” Nagel said.

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Contagion risks to euro area banks from recent market instability “appear to be low,” although it could have a negative effect on growth, Bundesbank chief Joachim Nagel said in a speech Wednesday, in which he also called for continued “decisive” action to tackle above-target inflation.

“According to the ECB’s economic projections published last week, GDP in the euro area will grow only by 1% this year. It should be taken into account though, that the current financial market tensions imply greater uncertainty around projected figures,” Nagel said.

Keep reading...Show less