ECB’s Nagel: ‘Tight Monetary Policy Is Yielding Results’
27 October 2023
By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that the ECB’s tight monetary policy was having a positive effect on inflation.
In a statement issued to media the day after the ECB’s Governing Council decided to keep interest rates unchanged, Nagel, who heads the German Bundesbank, said that ‘[i]nflation is still way off our target rate of 2%. But our tight monetary policy is yielding results.’
‘We on the ECB Governing Council are therefore staying our course and have left interest rates unchanged’, he said. ‘We will continue to take decisions on the use of our monetary policy instruments on a meeting-by-meeting basis.’