Nagel (ECB) argues for a rate hike in July

KNIGSWINTER, Germany, May 20 (Reuters) – The European Central Bank (ECB) is due to start raising interest rates in July, although the extent of the hike remains under debate, Governing Council member Joachim Nagel said on Friday. of the institution 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 the press 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 come in July and more decisions could follow in droves. (Report Francesco Canepa; French version Claude Chendjou, told by Jean-Michel Blot)

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