According to ECB Governing Council member Emmanuel Moulin, what is the current status of the energy shock’s transmission to wages in the euro area?

Moulin stated that while the rise in oil and gas prices has begun to pass through to other prices in the consumer basket—particularly certain services—'we don’t yet see second-round effects via wages.' This indicates that, as of his assessment, wage growth in the euro area has not yet been impacted by the ongoing energy shock.

What did Emmanuel Moulin say about the persistence and scope of the energy shock following the outbreak of war in the Persian Gulf?

Moulin said: 'Three and a half months after the outbreak of the war in the Persian Gulf, it’s now clear that, regardless of short-term geopolitical developments, the energy shock will be persistent,' and added that 'the rise in oil and gas prices has begun to pass through to other prices in the consumer basket, notably the prices of certain services.'

ECB's Moulin Sees Broadening Energy Shock, But Not in Wages Yet

Jun 12, 2026

ECB Governing Council member Emmanuel Moulin stated that the energy shock from rising oil and gas prices is becoming persistent across consumer goods, though wage effects remain absent, following the ECB's recent interest rate hike to curb inflation.

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