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.
Increasing interest rates have exerted some influence over monetary developments in recent months, although as yet mainly by triggering shifts among the components of M3 rather than constraining the expansion of M3 itself.