Monetary policy in challenging times
· Joachim Nagel, President of the Deutsche Bundesbank (Germany)
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JN · Joachim Nagel Wiki · Deutsche Bundesbank WikiMonetary policy in challenging timesContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the Forum Analysis, Milan, 23 November 2023.
Why it mattersNagel urges ratifying the ESM reform to complete the bank crisis framework.
Problems raised- Inflation is still too high in the euro area.
- The bank crisis management framework is incomplete.
- Future monetary decisions face high uncertainty.
Solutions proposed- Follow a data-dependent, meeting-by-meeting approach.
- Ratify the ESM reform to give a backstop to the Single Resolution Fund.
- Keep rates restrictive for as long as necessary.
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