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Remarks by ECB Vice-President Luis de Guindos

  • Inflation could peak around 3.4% to 3.5%
  • I haven’t seen any indication that wages are on the rise
  • We must be vigilant to surprise on the rise in inflation

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The part on wages is just a roundabout way of saying that the surge in inflation is still largely due to more transitory factors, which reaffirms the “transitional” position of the ECB.