Bundesbank President Joachim Nagel described inflation as a “greedy beast” that’s “stubborn. And it’s a “first order error” to give up the fight early.
During his remarks, Nagel noted “there’s still a way to go,” to bring inflation down to the 2% target, and “we have to slow economic activity to bring inflation down.”
Nagel used vivid language to underline the ongoing challenge: “Inflation to me is like a greedy beast and we do have to fight against this very greedy beast.”
“As inflation fighters we have to be very stubborn because inflation is so stubborn,” added.
Nagel cautioned against conceding the fight too early. “It would be a first order error to give up too early,” he warned.
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