Over the recent past, moderate wage trends have helped to dampen domestic inflationary pressures; looking ahead, it is crucial that the social partners continue to meet their responsibilities in this regard, also in the context of a more favourable economic environment.
More efficient and stable banking and financial markets will further improve the efficiency of monetary policy transmission channels and thus support the ECB’s policies in the coming years. It is therefore essential that we make further progress on the banking union and capital markets union.