In particular, interbank markets are well integrated – or at least were, and hopefully will be again, once the turmoil passes – as are government bond markets and, increasingly, also corporate bond markets. On the other hand, much remains to be done in other areas. The infrastructure supporting bond and equity markets is fragmented and hinders competition.
A pickup in nominal wages later this year is also in line with the results in the March 2022 Corporate Telephone Survey.See ECB (2022), “Main findings from the ECB’s recent contacts with non-financial  companies”, Economic Bulletin, Issue 3. 8. To capture momentum in inflation dynamics, I focus on the cumulative change in the price level over a twelve month period.