Bundesbank President Joachim Nagel also expects six percent inflation next year. Aren’t people slowly losing confidence in the central banks that they can get this under control?
Interview by Lisa Nienhaus,
Judith Wittwer and Markus Zydra
Joachim Nagel has been President of the Bundesbank for ten months. And his first few months could hardly have been more exciting. Inflation in Germany is rising and rising, most recently to ten percent. Above all, energy prices are going up rapidly. The European central bankers are now countering this with rising interest rates. But many people are losing confidence that the European Central Bank and the Bundesbank can still get the matter under control. The meeting for the interview takes place in Frankfurt’s banking district, in one of the city’s oldest high-rise buildings: the 142-meter-tall Frankfurter Büro Center. The old Bundesbank headquarters on the outskirts of the city will be renovated for the next few years. With 21.5 degrees Celsius on the thermostat, the meeting room is comfortably warm.