The head of Germany’s central bank, Joachim Nagel, has urged his colleagues in the eurozone to take action to prevent inflation rates from staying high. “As members of the ECB [European Central Bank] Governing Council, we must ensure that high inflation does not take hold in the medium term,” Nagel said on Thursday, according to the text of his speech. “In my view, central banks must not respond too little, or too late,” he said. If they do, even higher interest rate hikes could become necessary to get inflation under control, he said. “We need to give clear and timely signals to households an…