Higher global yields complicate ECB’s position, Nagel says
Bundesbank president says inflation too high, and backs eurozone-wide debt earmarked for defence
Joachim Nagel, president of the Deutsche Bundesbank, has said investors’ demand for higher yields, driven by heightened uncertainty, is complicating the European Central Bank’s job as it weighs a rate decision this month.
In an interview with French newspaper Le Monde published today (September 2), Nagel said the best the ECB could do, in this situation, was to focus on its price stability mandate. Asked whether the rise in eurozone headline inflation to 3.3% in August, from 2.9% in July, meant
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