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Thursday, February 22, 2024

Slower wage development wanted for euro zone fee cuts, ECB’s Knot says Specific Occasions

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AMSTERDAM (Reuters) – The European Central Financial institution (ECB) might want to see proof of slowing wage development within the euro zone earlier than rates of interest may be lowered, ECB governing council member Klaas Knot mentioned on Sunday.

“We now have a reputable prospect that inflation will return to 2% in 2025. The one piece that is lacking is the conviction that wage development will adapt to that decrease inflation”, the Dutch central financial institution governor mentioned in an interview with Dutch TV program Buitenhof.

“As quickly as that piece of the puzzle falls in place, we will decrease rates of interest a bit.”

(Reporting by Bart Meijer; Modifying by Bernadette Baum)


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