Nagel Highlights ECB's Flexibility for Inflation Risks

The head of the German Central Bank, Joachim Nagel, explained that the European Central Bank should remain flexible in its policy to address inflation risks, especially with ongoing geopolitical tensions in the Middle East influencing oil and gas prices. He emphasized that developments in the Strait of Hormuz will remain crucial in determining the inflation trajectory, noting that gas prices remain vulnerable to fluctuations due to declining storage levels and refinery impacts. He also pointed out that economic growth in the Eurozone is showing greater strength than expected, with forecasts indicating that domestic demand will drive growth in the future. Additionally, the German economy is gradually recovering, with an expected growth of around 1% this year.

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