Nagel calls on German government to tighten fiscal stance

Public spending needs to fall to lower inflation, says Bundesbank president

Joachim Nagel
Photo: BIS

Deutsche Bundesbank president Joachim Nagel called on the German government to reduce public spending in an interview on July 19.

Nagel said the time had come “to reassess the measures” that successive German governments unveiled during the Covid-19 pandemic and Russia’s invasion of Ukraine. These include lower public transport costs and subsidised energy bills.

This support “was necessary to help secure livelihoods and support families and firms,” Nagel told interviewers from news agency

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