European Central Bank (ECB) President Christine Lagarde is making some comments on inflation outlook while speaking in an interview titled "Financing the Covid recovery with new economic headwinds" at the Reuters Next online conference.
The euro area is different from the US if you look at inflation, labour market, slack.
Inflation profile looks like hump.
We see inflation going towards target in course of 2022.
We're at high level of hump.
We have reason to believe energy prices by end of 2022 will have declined significantly.
We're seeing more companies saying bottlenecks taking until mid-2022 or end 2022.
We're seeing in November numbers slight decrease in bottlenecks impact.
Euro area unemployment much higher than the US, which means there's slack.
We're not observing big resignation here.
We have observed some wage increases in latter part of 2021, but mostly bonuses or catch-up.
We're not there yet in terms of 2nd round effects.
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