Nagel (ECB) argues for a rate hike in July

KÖNIGSWINTER, Germany, May 20 (Reuters) – The European Central Bank (ECB) is due to start raising interest rates in July, although the size of the hike remains to be debated, ECB member Joachim Nagel said on Friday. of the institution’s governors and president of the Bundesbank.

“It is important in such a situation to start the whole process by raising rates, it is of the utmost importance as far as I am concerned – we will discuss the rest at the next meeting of the Board of Governors”, he told reporters after a meeting of G7 finance ministers and central bank governors in Germany.

Asked if he was in favor of a 50 basis point hike in the ECB’s deposit rate, Joachim Nagel said the first hike should take place in July and other decisions could follow in the process. (Report Francesco Canepa; French version Claude Chendjou, edited by Jean-Michel Bélot)

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