With:  Spyros Andreopoulos, Senior Economist, Europe  Dani Stoilova, Economist, Europe  BNP Paribas | Global Markets (Recorded 03 April 2023)  The ECB might find the eurozone’s resilient labour market a tough nut to crack. After all, we see three factors behind the tight labour market: strong and resilient aggregate demand, labour shortages due to demographics and mismatch. As a result, the ECB may have to suppress demand sufficiently to deal with the cyclical reasons for labour market tightness as well as the structural ones. The bottom line is that the labour market is likely to be a key factor sustaining the ECB’s tightening cycle for a while longer. For more information, please refer to https://markets360.bnpparibas.com   For country-specific disclaimers and legal notices, please refer to https://globalmarkets.bnpparibas.com/gm/home/Markets_360_Country_Specific_Notices.pdf