FRANKFURT, (Reuters) – Inflation is very high in the euro area and it may be necessary for the European Central Bank to increase interest rates soon. This was Joachim Nagel, Bundesbank president on Wednesday. He spoke out about the matter to ARD’s business magazine “plusminus”.

The broadcast transcript shows that Nagel stated, “What we’re seeing right now suggests that savers could soon be in a position to look forward again to higher interest rates.”