Bundesbank President Joachim Nagel, in an interview with CNBC on the sidelines of the IMF Spring Meetings, described euro-zone price gains as “a very stubborn phenomenon” and emphasized the need for persistent action against inflation. Nagel stated, “it’s definitely the case that we on the monetary-policy side have to be even more stubborn to fight against inflation.”
Nagel acknowledged the necessity to do more on the inflation front, explaining that while headline inflation might be heading in the right direction, core inflation remains at a very elevated level. He expects core inflation to come down before summer but warned that it would likely stay at high levels for the next few months, requiring continued vigilance in addressing the inflation issue.
Regarding the German economy, Nagel expressed confidence in its ability to adapt and overcome challenges, stating that “the energy crisis is more or less solved.” He added, “We had a really worried situation in the past, but this is now over, and the outlook is good.
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