ECB’s Escrivá: We need to monitor for second-round effects on wages
European Central Bank (ECB) policymaker and Governor of the Bank of Spain, José Luis Escrivá, said during the European trading session on Monday that the central bank needs to monitor for second-round effects on wages.
Inflationary pressures in the Eurozone economy have accelerated in recent months due to higher energy prices amid the Middle East conflicts.
Last week, ECB’s Escrivá also stressed monitoring the second-round effects of inflation wages while delivering a speech in Barcelona, but stated that “energy costs are spreading to services and transport”.
Market reaction
No immediate action seen in the Euro (EUR), following ECB Escrivá's remarks on inflation and its impact. As of writing, EUR/USD trades 0.23% lower at around 1.1445 due to US Dollar's (USD) outperformance.
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