Eurozone: Tight labour market means more work for ECB
Update: 2023-04-03
Description
With:
Spyros Andreopoulos, Senior Economist, Europe
Dani Stoilova, Economist, Europe
BNP Paribas | Global Markets (Recorded 03 April 2023)
- The ECB might find the eurozone’s resilient labour market a tough nut to crack.
- After all, we see three factors behind the tight labour market: strong and resilient aggregate demand, labour shortages due to demographics and mismatch.
- As a result, the ECB may have to suppress demand sufficiently to deal with the cyclical reasons for labour market tightness as well as the structural ones.
- The bottom line is that the labour market is likely to be a key factor sustaining the ECB’s tightening cycle for a while longer.
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