ECB policymakers have pointed to second-round effects in the labour market as a key indication that they would need to tighten monetary policy. As things stand, we suspect that wage inflation will pick up a little in the euro-zone, but not for many months and not enough to prompt a major tightening cycle.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
