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MNI BRIEF: ECB Developing New, Timely Wage Data Tool - Rehn

(MNI) LONDON
(MNI) London

ECB Governing Council member points to new ECB tool to help policymakers track wage developments.

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High euro area inflation has yet to feed into the latest pay increase data, Bank of Finland Governor Oli Rehn said in a speech Friday. But wage data’s status as a lagging indicator has prompted the European Central Bank to develop new tracking tools that will help guide future monetary policy decisions, he noted.

“The idea is to collect granular member-state-based data on negotiated wage growth, which would provide forward-looking information on future wages,” said Rehn, who also serves on the ECB's Governing Council.

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High euro area inflation has yet to feed into the latest pay increase data, Bank of Finland Governor Oli Rehn said in a speech Friday. But wage data’s status as a lagging indicator has prompted the European Central Bank to develop new tracking tools that will help guide future monetary policy decisions, he noted.

“The idea is to collect granular member-state-based data on negotiated wage growth, which would provide forward-looking information on future wages,” said Rehn, who also serves on the ECB's Governing Council.

Keep reading...Show less