Right panel: Calculations based on micro data on wage agreements provided by Bundesbank, Banco de España, the Dutch employer association AWVN, Oesterreichische Nationalbank, Bank of Greece, Banca d’Italia and Banque de France. Data for FR are based on an updated version of Gautier, E. (2022): “Negotiated wage rises for 2022: the results so far”, Eco Notepad, No 269, Banque de France.
Second, as operational procedures often need to be adjusted individually in order to meet the regulatory and system requirements of each jurisdiction, operational costs are quite high for intermediaries between issuers and investors, such as central securities depositories, sub- and global custodians, and international central securities depositories.