Cracks open in ECB’s governing council

Italian governor warns against excessive tightening as Bundesbank president insists rates must be higher

Ignazio Visco speaking at the ECB forum in Sintra on June 27
Ignazio Visco

Bank of Italy governor Ignazio Visco and Deutsche Bundesbank president Joachim Nagel offered divergent views today (July 5), underscoring deepening divides on the European Central Bank’s governing council.

While Visco stressed the ECB still can bring inflation down to the 2% target over the projection horizon without inflicting unnecessary harm on economic activity and employment, Nagel warned inflation is becoming broad based, which requires higher interest rates for longer to prevent

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