29 July 2026

  • ECB wage tracker updated with wage agreements signed up to first week of July 2026; forward-looking horizon extended to end of March 2027
  • Forward-looking information continues to indicate stable negotiated wage pressures in 2026 and first quarter of 2027

The European Central Bank (ECB) wage tracker, which covers active collective bargaining agreements, indicates negotiated wage pressures with smoothed one-off payments of , tel.: +491721683704

Notes:

  • The ECB wage tracker is the result of a Eurosystem partnership currently comprising the ECB and nine euro area national central banks: the Nationale Bank van België/Banque nationale de Belgique, the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank, the Oesterreichische Nationalbank and Suomen Pankki – Finlands Bank. It is based on a highly granular database of active collective bargaining agreements for Belgium, Germany, Greece, Spain, France, Italy, the Netherlands, Austria and Finland. The wage tracker can be used to help assess wage pressures in the euro area.
  • The wage tracker methodology uses a double aggregation approach. First, it aggregates the highly granular information on collective bargaining agreements and constructs the wage tracker indicators at the country level using information on the employee coverage within each country. Second, it uses this information to construct the aggregate for the euro area using time-varying weights based on the total compensation of employees among the participating countries.
  • Given that the forward-looking nature of the tracker is dependent on the underlying collective bargaining agreements database, the wage signals should always be considered conditional on the information available at any given point in time and thus subject to revision. This is particularly relevant at the turn of the year, as many agreements are signed or renewed in the first quarter in some countries.