Nagel Sees Global Economy on Growth Path Despite Middle East Tensions

European Central Bank (ECB) Governing Council member and Bundesbank President Joachim Nagel expressed confidence in the global economic outlook despite geopolitical tensions in the Middle East.

Nagel said that the global economy remains 'on a growth path' and welcomed the easing of core and services inflation, noting that he is not seeing second-round effects on inflation.

He also commented on recent foreign exchange interventions involving the Japanese Yen (JPY), stating that he would have welcomed coordination on these interventions. Nagel noted that the use of the Euro (EUR) in US and Japanese interventions was discussed at the Group of Twenty (G20) meeting.