ContextSpeech at the Peterson Institute for International Economics in Washington; the Bundesbank is Germany's central bank within the euro system and works to bring high inflation under control.
Why it mattersNagel argues that bank stress should be handled with separate tools from rate policy.
Problems raised
Inflation is too high amid turbulence.
High inflation draws public attention and concern.
Banking stress adds uncertainty.
Solutions proposed
Keep tightening to control inflation.
Separate price stability from financial stability tools.
