The President of the German Bundesbank, Joachim Nagel, rejected direct interventions such as an oil‑price brake and pointed to mixed results from attempts to influence price setting. “We have learned that intervening in price‑formation processes does not always yield positive outcomes” he told RTL and ntv on Thursday. Instead of prescribing concrete policy, Nagel called for a review of pricing by the Monopol Commission.

On the debate over bringing German gold reserves back from the United States, he sounded relaxed. He noted that regular inspections are carried out and that the holdings are diversified. “We check our stock there regularly” he said, adding, “I am not concerned about the gold reserves we store in the United States”. Currently, 51 % of the reserves remain in Germany, 37 % are in the United States and 12 % are held in England.