ECB Says Well-Positioned to Address Energy Price Surge

European Central Bank (ECB) Governing Council Member and President of the Deutsche Bundesbank, Joachim Nagel, has stated that the central bank is well-positioned to respond to surging energy prices.

Nagel emphasized that the ECB should not pre-commit to any policy moves before the September policy meeting, instead opting to analyze incoming data between now and then.

The recent rate hike in June has placed the ECB in a good position to monitor further developments closely, according to Nagel.