European Central Bank Governing Council member Joachim Nagel stated that it would be a mistake for the central bank to signal its interest rate direction later this month. Nagel made the remarks to journalists during the International Monetary Fund's spring meetings in Washington, noting that policymakers do not yet have sufficient information to determine whether the surge in energy costs will keep inflation elevated for a longer period. Should that scenario materialize, a policy response would be necessary. He indicated that officials will make a decision at their meeting in two weeks. "We need to keep our options open," Nagel said. "It is not appropriate to suggest that interest rates will move in a particular direction at this stage. I am not prepared to make a commitment in advance." The ECB's next monetary policy meeting is two weeks away. Previously, informed sources told Bloomberg News that officials are leaning toward keeping interest rates unchanged at that time.