The Eurozone Inflation Outlook

Businesses have basically won. They've expanded their profit margins quite a lot and they haven't made good on wage gains all that much. The question is, are employees going to achieve some compensation over the coming year? Here in the UK and in the US, we do have really strong wage growth which is pushing up costs for businesses. So I think that's the main difference. We have a difference in the amount of underlying pressure in the economy. And you could definitely say, I think, that the UK and the US are overheating more.