ECB’s Nagel: We Should Not Be Too Hasty, Good to Go Meeting by Meeting

26 October 2024

ECB’s Nagel: We Should Not Be Too Hasty, Good to Go Meeting by Meeting
Joachim Nagel, president of the German Bundesbank, at the ECB Governing Council meeting in Ljubljana on October 17, 2024. Photo by Adrian Petty/ECB.

By Marta Vilar – WASHINGTON (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Saturday that the ECB should avoid acting too quickly and that the meeting-by-meeting approach had worked well.

In a panel discussion organised by DZ Bank in Washington, Nagel, who heads the German Bundesbank, said that ‘it was good to have an approach within the Governing Council thinking from meeting to meeting what is necessary’.

Following this approach had turned out positively over the last two and a half years, and ‘we will not change the path’, he said.

Nagel said that the ECB should ‘not be too hasty’ and should stay ‘on track’ in following a data-dependent approach.

‘We will see what will come in our December meeting’, he added.

In December, Nagel pointed out, the new data would include updated staff projections with an initial forecast for 2027.

‘What we don’t know is, again mentioning the white elephant, what will happen here in the US in 9-10 days. So, as I said, we are living in a very uncertain would’, he said, referring to the US presidential election on November 5.