ECO online reports that the world's central banks meet in Sintra today "with more headaches than during the pandemic": war, inflation, interest rates, recession, market tensions make this first face-to-face forum a very serious affair

Lagarde and Centeno call for “salary contention” in 2023

Meeting in Sintra today for the first time since the pandemic, the European Central Bank Forum saw calls to syndicates and employers by ECB president Christine Lagarde and Portugal’s central bank governor Mário Centeno to limit salary increases for 2023. They cannot ‘accompany this year’s inflation’, the pair explained, as if they do, they could create “secondary effects” on prices, making the cost of living crisis even worse. The appeal has not been welcomed by Isabel Camarinha of CGTP (the confederation of Portuguese workers) who has said “the struggle continues”, with a large demonstration demanding higher wages and pensions coming on July 7 in Lisbon.