LAUSANNE, Switzerland, Sept 23 (Reuters) – The European Central Bank is not seeing significant wage pressures in response to this year’s energy-driven inflation surge, the bank’s chief economist told a university lecture in Switzerland.
“We’re not seeing any big response to the energy shock, and how I reconcile that is (that) people know the cost of living is going up more than they expected, but they’ve also got a lot of firms that say, ‘Look, we’re being outcompeted by China; you do know if you ask for too much, we have the AI robots ready to go’,” Philip Lane said.
(Reporting by Olivia Le Poidevin; writing by Balazs Koranyi; Editing by Kevin Liffey)
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