European Central Bank's Nagel: Eurozone economy has not deviated from expectations, maintaining a flexible policy to respond to uncertainties.

Jin10 data reported on November 3, the European Central Bank's board member and President of the German Central Bank, Nagel, stated that the economic data of the Eurozone has not deviated from the economic expectations of the European Central Bank, but policymakers still maintain an open attitude. Nagel said in a podcast released on Monday that last week when the European Central Bank kept the deposit interest rate unchanged at 2%, there was “absolutely no reason” to adjust borrowing costs. “Since the last forecast in September, the data has not fundamentally changed,” he said, “In December we will review new forecasts and then make decisions based on new data. Therefore, we keep all options open, and I think this is the most appropriate approach given the many uncertainties at present.” Speaking about Germany, the largest economy in Europe, Nagel noted its resilience and stated that Germany can now “embark on a path of moderate growth,” which will be driven by increased infrastructure and defense spending.