Therefore, recent experience suggests that nominal wage growth can be assumed to remain moderate against a background of the expected modest improvement in labour market conditions and the gradual expansion of economic activity. This assumption, however, cannot be taken for granted, and there are indications that wage pressures may be building up in some euro area countries.
1 Committee on Payments and Market Infrastructures and International Organization of Securities Commissions  (CPMI-IOSCO) Guidance on cyber resilience for at: www.iosco.org/library/pubdocs/pdf/IOSCOPD535.pdf  financial  market  infrastructures,  available  2 Available at: www.mef.gov.it/inevidenza/documenti/PRA_BCV_4728453_v_1_G7_Fundamental.pdf  2/2  BIS central bankers' speeches