US News: Brand: Acting With threats to price stability

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The new Bundesbank President Joachim Nagel sees the rise in inflation rates with concern and promises a strong commitment to a stable currency.

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He saw "currently rather the risk that inflation could stay longer increases expected to be present," Nagel said Tuesday at a transmitted on the internet celebration of the inauguration of predecessor Jens Weidmann. The medium-term prospective outlook is "exceptionally uncertain". Nagel pointed to the address of the European Central Bank: "For all the uncertainty, one thing is clear: If it requires price stability, the Governing Council must act and adapt its monetary policy stance."

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In recent months, inflation rates have risen sharply. In Germany, consumer prices were in December by 5.3 percent above the level of the previous month. Thus, inflation in Europe's largest economy reached its highest level since June 1992. In the euro area as a whole, inflation reached 5 percent, the highest level since the euro was introduced.

Higher inflation weakens the purchasing power of consumers, because they can buy one euro less than before. Critics accuse the ECB of stoking inflation with its ultra-loose monetary policy, including billions in bond purchases, which they really want to keep in check. The central bank aims to 2 percent inflation and is temporarily willing to accept a moderate above or below that mark.

"People in Germany expect, rightly, that the Bundesbank is an audible voice of the stability culture," Nagel said. "I can assure you: They will remain so."

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predecessor Weidmann had repeatedly made statements critical of the ultra-loose monetary policy. Especially the bond purchases saw Weidmann with skepticism and warned that the ECB must not make them dependent on cheap money to governments. On Tuesday, he recognized that monetary policy was never fully emerged from the crisis mode: "The permanent state of emergency has left its mark. The coordinate system has shifted. "

ECB President Christine Lagarde assured at the official exchange ceremony: "We are aware that rising prices many people share concerns, and we take these concerns very seriously. People can rest assured that we hold steadfastly to our price stability objective. " The Governing Council stand united behind this objective.

"stability-oriented monetary policy"

The traffic light coalition appointed the 55-year-old economist nail after the 53-year-old Weidmann had delivered prematurely after ten years the office for personal reasons at the end of last year. Nagel worked from 1999 already for many years at the Bundesbank, most recently as Executive Board. After a stint in the state development bank KfW He previously worked at the Bank for International Settlements.

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Finance Minister Christian Lindner expressed his conviction that nail will be at the Bundesbank for a course of policy continuity. "Stability-oriented monetary policy is precisely in these times of high importance."

Nagel said in his inaugural speech also in favor of taking financial risks in the monetary policy of climate change and policy more into view, such as the valuation of assets, the banks deposit as collateral, or the purchase of securities. Also, ECB President Lagarde wants to give greater weight to the climate change in monetary policy.

A speedy shift towards higher interest rates in Germany savers but should peak Bundesbank does not expect after the change at the. Nagel in the Governing Council as the representatives of the other 18 euro countries only one vote - even though Germany is Europe's largest economy. And the top decision-making body of the central bank's loose monetary policy has many advocates. The first monetary policy meeting of the Governing Council in the new year is scheduled for 3 February.

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