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ECB President Christine Lagarde described Q4 wage figures as “obviously encouraging numbers”. However, she underscored the importance of caution, stating that the Governing Council needs to gain “more confidence” in the sustainability of the disinflationary process currently underway.

Lagarde also pointed to ongoing wage negotiations across various sectors and employee groups, expected to conclude in Q1, with data becoming available in May. The outcomes of these negotiations are anticipated to be a critical factor in the ECB’s assessment of the inflationary outlook.

“Those numbers will — especially if they continue to be encouraging — will be important for us to assess going forward in order to reach confidence,” Lagarde remarked in a press conference today.

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