ECB’s Nagel Warns Against Eroding Trust in Statistics and Urges Stronger European Trade Stance
Joachim Nagel, a member of the European Central Bank's Governing Council, cautioned that undermining public trust in statistics and central banks could precipitate financial instability. "Independent and reliable statistics are the backbone of sound monetary policy," he asserted during a financial gathering in Washington.
Nagel also called for a more assertive European trade strategy toward China, emphasizing the continent's economic leverage. "China needs Europe more than Europe needs China," he declared, advocating for a defensive approach to protect European markets from subsidized Chinese exports.
The remarks come amid escalating trade tensions, with Chinese goods flooding European markets at below-cost prices—a consequence of U.S.-China tariff retaliations. Nagel highlighted the risks of compromised central bank independence, noting growing challenges to statistical credibility.
