February's PMIs showed an increase in price pressures, but we suspect that this reflects higher oil prices as other indicators suggest that wage growth has continued to slow. We expect a further decline this year. Meanwhile, reports this week suggested that Christine Lagarde could leave the ECB before the end of her term, which we think would have greater implications for the political landscape than for monetary policy.
Next week, we will hold a Drop-in on Europe's economic outlook which you can sign up for here.
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