3 For more details on the impact of the TLTROs, see “The targeted longer-term refinancing operations: an  overview of the take-up and their impact on bank intermediation”, Economic Bulletin, Issue 3, Box 5, ECB, 2017. 4 For further discussion, see “Recent wage trends in the euro area”, Economic Bulletin, Issue 3, Box 2, ECB 2016.
5 See, for example, “Wage dynamics amid high euro-area unemployment”, Deutsche Bundesbank Monthly  Report, December 2016. 6 See Financial Integration in Europe, European Central Bank, May 2017 and European Financial Stability and  Integration Review 2017, European Commission, May 2017. 4/4  BIS central bankers' speeches