[European Central Bank governing Council Nagel: central Bank needs governments and companies to work together to fight inflation] May 15, European Central Bank governing Council member Joachim Nagel said that the central bank will need the help of governments and companies to contain the worst round of inflation in the euro era. While monetary policy needs to respond to rising prices by raising interest rates, officials must recognise their limited influence and want outsiders to be "patient" because it takes time for policy measures to spread to the economy, Mr Nagel said in a speech. "other participants must also play a role in ending the current phase of high inflation as soon as possible," he said in Frankfurt on Monday. " According to Nagel, this means that the government should ensure "sound" public finances and avoid fiscal policy exacerbating inflationary pressures. At the same time, the department in charge of competition should limit the market power of enterprises to avoid excessive price increases.