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Bundesbank: There will be no wave of bankruptcy in Germany

Bundesbank President Nagel argued that a wave of bankruptcy would not occur in Germany.

Joachim Nagel, President of the German Central Bank (Bundesbank), argued that the expected economic contraction in Germany will not be deep and there will not be a wave of bankruptcy.

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Speaking to the Sueddeutsche Zeitung, Nagel predicted that the German economy will grow by 1.3 percent this year, while it will remain flat next year.

Nagel also stated that inflation will not be below 6 percent in 2023. The inflation forecast for the Eurozone is 5.5 percent.

In his speech, Nagel also stated that the European Central Bank should reduce its bond position in the foreseeable future and emphasized that clear signals should be given in the next ECB meeting about the fight against inflation.

“We must implement our monetary policy strongly. In the foreseeable future, we must reduce the bond position,” Nagel said.

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