Bundesbank President Joachim Nagel says the German economy is facing major longer-term challenges. The first two challenges ... are the need to decarbonise the economy and the ageing of our society, he argued at a change of office ceremony at the Bundesbank’s Regional Office in Saxony and Thuringia. He hailed last week’s rates cut by the ECB Governing Council as the right decision but advised caution, noting that future economic and price developments were still fraught with uncertainty.

The Bundesbank is renovating its Central Office on Wilhelm-Epstein-Strasse in Frankfurt am Main.