Latest news with #JoachimNagel
Bloomberg
27-05-2025
- Business
- Bloomberg
ECB Is Close to Reaching Its Inflation Target, Nagel Says
Subscribe to Economics Daily for the latest news and analysis. The European Central Bank is close to hitting its 2% inflation goal, but elevated uncertainty makes it impossible to predict future interest-rate moves and requires maximum flexibility, Governing Council member Joachim Nagel said.
Yahoo
27-05-2025
- Business
- Yahoo
Nagel Says Tariff-Driven Frontloading Helped Boost Germany at Start of Year
(Bloomberg) -- The upgrade of Germany's first-quarter output numbers is primarily due to businesses and exporters attempting to get ahead of expected US tariffs, according to Bundesbank President Joachim Nagel. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires NY Wins Order Against US Funding Freeze in Congestion Fight 'We had a stronger-than-expected first quarter, with growth of 0.4%,' he said in Mannheim on Tuesday. 'This was more than we originally expected a few weeks ago, because there are, of course, many cautionary effects connected to tariff policy. We therefore expect the economy to weaken over the rest of the year, in line with tariff policy.' Analysts anticipate a slowdown in Europe's largest economy in the coming months and the medium-term outlook is highly uncertain. Germany is seen as particularly vulnerable to US trade tariffs and remains subject to sectoral measures on things like cars. At the same time, plans by the new government to massively boost defense and infrastructure outlays have brought some optimism. Most international institutions and economists expect stagnation in 2025. That would mark an unprecedented third straight year without growth. Even another contraction — as in 2023 and 2024 — looks possible depending on US President Donald Trump's levies. 'You can already see how the uncertainty has affected the German economy,' Nagel said. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center Millions of Americans Are Obsessed With This Japanese Barbecue Sauce How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
27-05-2025
- Business
- Bloomberg
Nagel Says Tariff-Driven Frontloading Helped Boost Germany at Start of Year
The upgrade of Germany's first-quarter output numbers is primarily due to businesses and exporters attempting to get ahead of expected US tariffs, according to Bundesbank President Joachim Nagel. 'We had a stronger-than-expected first quarter, with growth of 0.4%,' he said in Mannheim on Tuesday. 'This was more than we originally expected a few weeks ago, because there are, of course, many cautionary effects connected to tariff policy. We therefore expect the economy to weaken over the rest of the year, in line with tariff policy.'
Reuters
22-05-2025
- Business
- Reuters
ECB's Nagel calls for caution as rates are no longer a drag
BANFF, Alberta, May 22 (Reuters) - Borrowing costs in the euro zone are no longer acting as a drag on economic growth, European Central Bank policymaker Joachim Nagel said on Thursday, calling for caution in future monetary policy decisions. "After seven interest rate cuts, our deposit rate stands at 2.25%, a level that can certainly no longer be described as restrictive," the Bundesbank's president told reporters on the sidelines of a G7 meeting in Canada. "Given the continuing high level of uncertainty, we should therefore remain cautious in monetary policy."
Reuters
21-05-2025
- Business
- Reuters
Bundesbank's Nagel sees progress on tariffs but work to be done
BANFF, Alberta, May 21 (Reuters) - There has been progress towards a solution on a damaging tariff dispute with the United States but there are more hurdles to overcome, the Bundesbank's President Joachim Nagel told German television on Wednesday from the G7 meeting in Canada. Speaking to the ARD broadcaster, European Central Bank policymaker Nagel said the United States was showing better understanding of Europe's point of view and that there was acknowledgement on both sides that trade conflicts have no winners. Finance ministers from the Group of Seven industrial democracies are meeting in the mountain resort town of Banff, Alberta, against the backdrop of a global trade dispute after President Donald Trump unleashed sweeping tariffs. "My impression here is that we are beginning to come closer together on certain issues, to better understand each other, but there are still some hurdles to overcome. So, there is still a lot of work to be done," Nagel said. "I also believe that the U.S. side now understands some things better, and I am a little more confident than I perhaps was a few days ago," he added. The German Council of Economic Experts had earlier cut its forecast for Europe's largest economy, expecting it to stagnate this year during a "pronounced phase of weakness." Nagel said the projection was not a surprise, given the damaging uncertainty of the tariffs. He said first-quarter growth could be better than expected but saw growth worsening in the second quarter as the effects of the tariff dispute are felt. He looked forward to stronger growth of 1% or more in 2026, depending on how quickly the government implemented planned fiscal measures. In a separate interview with German broadcaster ZDF, Nagel said U.S. Treasury Secretary Scott Bessent had been constructive. Nagel said he did not see a split in the G7 group into six countries against the United States. "It's a G7."
