On Monday, European Central Bank policymaker Joachim Nagel told the German trade publication Zeitschrift für das gesamte Kreditwesen that he is hopeful about avoiding a severe economic downturn.
“We’re not witnessing any wage-price spiral in the sense of a further increase in the inflation rate as a result of present wage agreements,” Nagel continued, emphasising that the ECB must take additional steps to reduce inflation expectations.
