EUR/NZD

Ladies and gentlemen, Thank you very much for the invitation and the kind words. I am pleased to be with you today. Tomorrow the first door in the Advent calendar will open. For some people, before Christmas is a contemplative, cozy time - for example with visiting the Christmas market or baking cookies. For some, however, it is more stressful. For many, the approaching turn of the year also gives an opportunity to look back on the year that is coming to an end and think about the year ahead. On the occasion of today's annual reception, I would like to review with you monetary policy in 2023, followed by an outlook for 2024. And as the speech title says, we will address “multiple challenges”. 2 Too high inflation as a central challenge Among the many challenges, one is clearly central to the Eurosystem's monetary policy: inflation in the euro area has been too high for far too long. We inECBCouncil must fulfill our mandate. We need to bring inflation back in line with our target rate of 2 percent over the medium term. The development of the past few months is encouraging: price increases slowed significantly in September and October - both in Germany and in the euro area. According to preliminary estimates, inflation rates measured by the Harmonized Index of Consumer Prices fell further in November to 2.4 percent in the euro area and 2.3 percent in Germany. In contrast, the highs in October a year ago were 10.6 percent and 11.6 percent respectively. Given past price developments, the results of tweet: ECB'S NAGEL: FAR TOO EARLY TO DISCUSS RATE CUTS #News #Markets #ECB #live tweet: ECB'S NAGEL: A LEANER ECB BALANCE SHEET DESIRABLE, REDUCTION CAN ACCELERATE. tweet: ECB'S NAGEL: LONGER TERM INFLATION EXPECTATIONS STILL SOME WAY FROM 2%. tweet: ECB'S NAGEL: INFLATION RISKS STILL ON UPSIDE SO FURTHER RATE HIKE CAN'T BE RULED OUT.