ECB’s Nagel: “We’re Keeping All Options Open”

3 November 2025

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Monday said that monetary authorities were not foreclosing on any option for their December interest rate decision, but that information available since September’s policy meeting had not changed.

Speaking to German news podcast Table Today, Nagel said there had been “absolutely no grounds” to change the ECB’s stance at last Thursday’s meeting.

“Since the last projections from September, the figures haven’t fundamentally changed,” he said. “In December, we’ll review the new projections … and then make a decision at that meeting based on the new data. So, we’re keeping all options open, and I think that’s the most appropriate approach given the many uncertainties.”

Nagel was more upbeat about prospects for Germany’s economy, which he said will “definitely see more growth next year.”

“The German economy can now embark on a moderate growth path,” he said. “Germany and Europe are in a better position than many people think.”

It was however important that money made available to invest be wisely spent, he said, so that “this fragile seedling can grow into something much bigger and the economy can gain more momentum.”