Joachim Nagel, a member of the European Central Bank Governing Council, has cautioned against hastily reducing interest rates and stressed the need for flexibility in monetary policy.

During his speech at the International Monetary Fund annual meetings in Washington, Nagel emphasized that the ECB's upcoming meeting in December would consider all options.

As the president of the Bundesbank, he refrained from speculating on potential outcomes but emphasized the importance of a cautious approach to borrowing costs.

This statement comes in the midst of ongoing discussions about the economic landscape and the ECB's future strategy.