[ECB's Nagel: Closely Monitoring Energy Prices, Middle East Situation Adds Inflation Uncertainty] Jin10 Data reported on July 15 that European Central Bank Governing Council member Nagel stated that the ECB is closely monitoring energy price trends following the escalation of Middle East conflicts, which have heightened geopolitical uncertainty. He remarked that the past few weeks have been 'filled with hope and disappointment.' The renewed outbreak of war between the U.S. and Iran underscores the ongoing volatility of the current situation. Nagel said, 'Energy price trends are a key factor in determining the future inflation outlook. Monetary policy will remain highly vigilant.' The ECB is scheduled to hold a policy meeting on July 22-23 and will soon enter its pre-meeting quiet period. The market widely expects the ECB to keep interest rates unchanged at that time. However, investors still anticipate that policymakers will raise rates again later this year to curb inflation pressures stemming from the Iran conflict. Nagel emphasized that, following the policy decision made in June, borrowing costs are currently at an 'appropriate' level. He stated, 'From a monetary policy perspective, continuing to respond cautiously remains a wise approach, but decisive action will be taken if necessary.'