However, the two banks’ exposures to Greece or any other of the programme countries did not increase during these months. In other words, contagion effects from government debt markets to banks, as defined in the model, have become more important in recent months in the euro area.
In both the business sector and the public services sector, wages are quite stable, which says that the labor market has not yet exhausted its growth potential, and is thereby not leading to inflationary pressure.