German Bundesbank chief defends ECB's tightening policy

FRANKFURT, July 4: Joachim Nagel, president of the central bank of Germany (Deutsche Bundesbank), on Monday, said that inflation in the eurozone remains too high and that the European Central Bank (ECB) still has "a way to go" to bring it down to the target level.

Addressing the 2023 edition of the Euro Finance Summit here, Nagel defended the ECB's decision to aggressively hike interest rates in a bid to tame the eurozone's "stubborn" inflation.