Employment in the leisure and hospitality sectors is down by more than 3 million jobs since February of 2020.1 As the recovery in the labor market and spending on goods and services continues to gain momentum, we are seeing upward pressures on consumer prices. In recent months, inflation has risen to well over the Federal Reserve’s longer-run goal of 2 percent.
This is already the second research conference jointly organised by the Bundesbank and the Banque de France. You will certainly be aware that research plays an important role in central banks.