ECB's Nagel says long Iran war would push up inflation

Economic Impact - A prolonged conflict in Iran is expected to increase inflation in the euro zone and negatively impact economic growth [1] - If the conflict ends quickly, the inflationary consequences would be short-term and limited [1] - Extended high energy prices could lead to sustained higher inflation and weaker economic activity in the euro area [1] Bundesbank Financials - The Bundesbank reported an 8.6 billion loss due to bonds purchased during past stimulus programs [1] - Although losses are decreasing, the Bundesbank is projected to remain in the red through 2026 [1] - The annual accounts indicate that the Bundesbank has not relocated its 3,350 tonnes of gold, which is stored in Frankfurt, New York, and London [1]