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MNI BRIEF: End ECB APP In June, Hike In July - Buba's Nagel

(MNI) London
(MNI) London

ECB Governing Council need to move to end Bond buys and start rate-hike cycle, Joachim Nagel says Tuesday.

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Bond buying under the European Central Bank’s asset purchase programme should end in June with the central bank's first rate hike in a gradual, data-dependent process of monetary policy normalisation coming in July, the head of Germany’s Bundesbank said in a speech Tuesday. Joachim Nagel, who also sits on the ECB's Governing Council, warned that the risks of slow a response to rising inflation -- such as higher negotiated wages -- are increasing notably.

“Given the extraordinarily high uncertainty surrounding the future path of inflation, we should not delay the exit from the very accommodative monetary policy, since a less expansionary monetary policy stance provides the most flexibility,” Nagel said.

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Bond buying under the European Central Bank’s asset purchase programme should end in June with the central bank's first rate hike in a gradual, data-dependent process of monetary policy normalisation coming in July, the head of Germany’s Bundesbank said in a speech Tuesday. Joachim Nagel, who also sits on the ECB's Governing Council, warned that the risks of slow a response to rising inflation -- such as higher negotiated wages -- are increasing notably.

“Given the extraordinarily high uncertainty surrounding the future path of inflation, we should not delay the exit from the very accommodative monetary policy, since a less expansionary monetary policy stance provides the most flexibility,” Nagel said.

Keep reading...Show less