ContextSpeech at the European Economic and Financial Centre in London; the Bundesbank is Germany's central bank within the euro system and stresses keeping inflation under control.
Why it mattersNagel calls for fewer escape clauses in reformed fiscal rules.
Problems raised
Countries need to rebuild fiscal buffers.
Fiscal rules risk losing their binding effect.
Climate, demographics and conflicts will raise future spending.
Solutions proposed
Reduce the number of exemption clauses in fiscal rules.
