Clearly, this suggests that the process of wage determination in some euro area countries should allow for sufficient differentiation in order to give greater regard to the situation in individual firms, industries, sectors or regions and take account of labour market conditions.
I am very proud that the Bundesbank is hosting this year's Central Bank-HR Diversity, Equality and Inclusion Summit. It goes without saying that diversity matters for any institution. And for central banks in particular, as they act on behalf of the wider public. I would like to start today's talk by showing you a photograph of the ECB's governing council.