A further increase in the international use of the euro might, for example, have an impact on both the transmission mechanism of monetary policy within the euro area and the information content of indicators under the monetary policy strategy.
BIS central bankers’ speeches  3  The role of wage growth One possible explanation for the pick-up in labour demand relates to the large decline in wage growth over recent years (Graph 3). 3 The behaviour of wages during the current episode has been comparable to the experience around the 1990s recession.