ECB’s Nagel: Interest Rate Cuts Decisions Are Not on Auto-Pilot

7 June 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that the ECB’s decisions to reduce interest rates were not subject to automaticity.

In a press release accompanying the publication of the German Bundesbank’s updated semi-annual forecasts for Germany, Nagel, who heads the institution, said, ‘While the inflation rate in Germany is continuing to decline, the pace is subdued. We on the ECB Governing Council are not driving on auto-pilot when it comes to interest rate cuts.’