The ECB wage tracker is the result of a Eurosystem partnership currently comprising the European Central Bank 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 forward-looking component of the ECB wage tracker should not be interpreted as a forecast, as it only captures the information that is currently available for active collective bargaining agreements. The Eurosystem and ECB staff macroeconomic projections remain the most comprehensive assessment of the wage outlook for the euro area.

Last updated: 19 December 2025 09:30 CET