ECB May Need To Keep Hiking After Summer, Nagel Says

12 May 2023

By Xavier D’Arcy – FRANKFURT (Econostream) – The European Central Bank may need to continue increasing interest rates beyond the summer, Governing Council member Joachim Nagel said on Friday.

In a briefing with journalists on the margins of the Group of Seven meeting of finance and central-bank chiefs in Niigata, Japan, Nagel, who heads the German Bundesbank, said that ‘the data don't allow us to consider changing our view that further rate hikes will be necessary, and that also applies for beyond the summer break.’

He said that ‘there's consensus in the Governing Council that interest-rate hikes should continue.’