The German corporate bond market is still less developed than in the United States. However, there are indications that the emergence of corporate bonds as a means of long-term financing has become increasingly prominent in supplementing the use of bank loans.
As we have stated many times, we expect that will lead to a gradual increase in wages growth and, in turn, inflation. There are a number of uncertainties around the extent and timing of the decline in the unemployment rate and the pick-up in wages growth.