9/21, 10:12 AM (Source: TeleTrader)
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Buba expects GDP to return to growth, Nagel says

Member of the European Central Bank (ECB) Governing Council and Deutsche Bundesbank (Buba) President Joachim Nagel remarked on Thursday that the latter institution expects 2024 will see Germany's economy resume growth and core inflation go "noticeably weaker."

Speaking at an event organized by the Sparda-Banks, Nagel noted that, while the country's economy is "currently standing still," it also "stabilized in the second quarter" as, among other things, the supply chain issue moderated and private consumption "picked up." He also reaffirmed the effect of Russia's military operation in Ukraine on Germany's economy, energy prices in particular.

Commenting on the ECB's recent decision to raise interest rates by another 25 basis points, Nagel stressed that "[a]ll of our monetary policy measures are based on our goal: price stability. We must prevent the high inflation rate from becoming entrenched."

Baha Breaking News (BBN) / JR