The European Central Bank does not need to increase interest rates this month despite the fresh surge in oil prices, Bundesbank president Joachim Nagel said ahead of next week’s policy meeting.
Nagel, one of the ECB governing council’s more hawkish members, stressed that interest rates were “at an appropriate level” at present, implying that he did not see the need for fresh action this month.
“From a monetary policy perspective, it remains advisable to respond with caution while acting decisively if necessary,” the head of Germany’s central bank said in an emailed statement on Wednesday.
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