In terms of real GDP per capita, we mainly saw east-west convergence. So between the original twelve countries on the one hand and the seven, soon eight, countries that joined later, on the other hand.
The resulting upward pressure on wage change and price inflation can be offset or even overwhelmed at times, as it was last year, by other influences. Nevertheless, the role of this consideration in inflation dynamics should not be overlooked or underestimated. It starts me with a bias toward higher inflation.