Inflation in Europe

Alan Borsuk: I wanted to remind you about what we talked about also a month ago, but just in the inflation front. He said he is seeing now that some of these negotiations have kind of panned out in 4% plus per year for two years. We are getting to these points where, as you say, inflation could be much more sticky because it's filtering out into some of these other parts of the economy. And diversification is going to probably stand people well if they can find some really true diversification.

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