Bundesbank's Nagel ties further ECB hikes to energy prices

Bundesbank President Joachim Nagel said further European rate hikes are "very much dependent" on how energy prices evolve over the next month or so. He spoke to CNBC on 11 September 2026, the day after the ECB raised its key rate by 25 basis points to 2.50%.

The remarks are on the record from one Governing Council member, not a new Council vote.

Nagel said rates sit at the upper end of neutral territory, but he could not rule out entering "mild restrictive territory." Asked about one or two more hikes, he said it is too early to speculate. Energy prices went up last week, and he said crude was close to $110 a barrel. He will reassess at the next meeting.

He also said he was not concerned about relatively low European gas storage heading into winter the way 2022 and 2023 were, citing greater LNG buying options.

The guidance is conditional on energy prices, not a pre-announced path of additional hikes. Finpresso already covered the deposit-rate move to 2.50% itself, and the same week's energy tape included Brent breaking $100.

The live setting remains the 2.50% deposit facility. Nagel's next-meeting call is an energy-price reassessment that can still move into mild restrictive territory.