ECB’s Nagel: Fight Against Inflation Is Not Over

Nagel's remark lands as a signal about the ECB's internal balance rather than new information: the headline inflation fight being declared unfinished suggests the hawkish camp retains a voice on the Governing Council while rate policy is under review. Because he offered no specifics, the statement's value is tonal — it keeps a restrictive-leaning option alive without committing to it. For markets, the relevant read is that the ECB's communication remains split, which tends to keep rate expectations sensitive to incoming data. Whether other policymakers echo Nagel, or the Council converges on a clearer direction, is the open question worth watching.