Tomas Hirst on the State of ECB Policy and the Eurozone Economy
Macro Musings with David Beckworth
00:00
Is There a Realisation of Wage Pressure in Europe?
In the US, wage increases have materialised through churn. Europe doesn't really have a dynamic labor market in the same way. Much more of Europe's labor market is still unionised. So you get these unions going into wage negotiations with employers. This happens over a period of months. The numbers so far this year, negotiated wage settlements are at around 4%.
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