After some adjustments, to take into account these concerns, the reduction in capital charges for small and medium enterprises (exposures below € 1 million) and well-provisioned past-due loans as well as the recognition of credit risk mitigants, such as collateral and guarantees, render the new framework much more favourable than the existing one.
Over the 12 months ended in March 2023, the employment cost index (ECI) for total hourly compensation for private-sector workers rose 4.8 percent, down only a little from its peak of 5.5 percent last June.