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The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency. ....
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency. ....
Economic Bulletin Overview At its monetary policy meeting on 10 December 2020, the Governing Council decided to recalibrate its monetary policy instruments. While the rebound in economic activity in the third quarter was stronger than expected and the prospects for the roll-out of vaccines are encouraging, the coronavirus (COVID-19) pandemic continues to pose serious risks to public health and to the euro area and global economies. The resurgence in COVID-19 cases and the associated containment measures are significantly restricting euro area economic activity, which is expected to have contracted in the fourth quarter of 2020. While activity in the manufacturing sector continues to hold up well, services activity is being severely curbed by the increase in infection rates and the new restrictions on social interaction and mobility. Inflation remains very low in the context of weak demand and significant slack in labour and product markets. Overall, the incoming data and t ....
(left-hand scale: annual percentage changes; right-hand scale: percentages) Sources: Eurostat and ECB calculations. Notes: The latest observation is for the third quarter of 2020. The right-hand scale is inverted. Wage agreements concluded before the outbreak of the pandemic still play a dominant role in the latest developments in the indicator of negotiated wage rates. Quarter-on-quarter changes in the indicator show that negotiated wage dynamics in 2020 have so far been very much in line with the profile observed on average since 1999 (see Chart B). Changes to negotiated wages tend to occur mainly in the first quarter of each year. This holds true both for average changes in the indicator of negotiated wage rates and for average absolute changes. The fact that average absolute changes in the indicator of negotiated wages, which reflect the average absolute amount of increases as well as decreases, are also concentrated in the first quarter shows that changes to negot ....
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency. ....