More fundamentally, given the favourable momentum of real GDP growth observed over the past few quarters and the positive signs from labour markets, wage developments could be stronger than currently expected. Turning to developments in the monetary aggregates and credit, annual M3 growth was unchanged at 8.5% in October, remaining close to the highest rates observed since the introduction of the euro.
And that part is you. You are an essential ingredient for bringing innovation to real banking. Innovation comes in many forms, of course. To give one example, technology is revolutionizing banking, and that does not apply only to the largest banks. Depending on how old you are, you may take the ubiquity of technology for granted.