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MNI BRIEF: 5% Wage Growth Not Excessive - ECB Accounts

(MNI) LONDON
(MNI) London

Some members of the ECB Governing council thought wage growth at 5% was not excessive in a catch-up period.

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Some European Central Bank Governing Council members highlighted at the last policy meeting that “that nominal wage growth of around 5% was not necessarily an excessive number during a “catching-up” phase”, accounts of the January meeting showed on Thursday.

There was agreement that “the risk of cutting policy rates too early was still seen as outweighing that of cutting rates too late”, noting that having to reverse course “could entail high reputational costs” for the ECB, the accounts showed.

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Some European Central Bank Governing Council members highlighted at the last policy meeting that “that nominal wage growth of around 5% was not necessarily an excessive number during a “catching-up” phase”, accounts of the January meeting showed on Thursday.

There was agreement that “the risk of cutting policy rates too early was still seen as outweighing that of cutting rates too late”, noting that having to reverse course “could entail high reputational costs” for the ECB, the accounts showed.

Keep reading...Show less