Joachim Nagel: ECB’s Policy normalization must continue

The European Central Bank’s policy normalization must continue, European Central Bank Governing Council member and German central bank head Joachim Nagel said on Friday.

“I am confident that the ECB’s Transmission Protection Instrument (TPI) would withstand legal challenges,” Nagel added and noted that they still expect favourable growth in Germany and in 2022 and 2023.

Nagel’s comments have no significant impact on the performance of the Euro against its major rival currencies. The EUR/USD pair was trading at 1.0223, where it was down 0.05% on a daily basis. Meanwhile, the pair remains on track to snap a three-week losing streak.