Eurozone’s recovery is getting stronger and broader as the dispersion of economic performances among member states is receding, suggests the research team at BNP Paribas.
“Despite the cyclical recovery, core inflation still shows no sign of a convincing upward trend. For the recovery to enter its inflationary phase the economy has to improve further, until the point at which wages will tend to increase.”
“The level of slack remains uncertain though. Broader measures of labor underutilization reach 18%, double the level of the current unemployment rate. The ECB is expected to remain cautious.”
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