John Lahart (Dublin South West, Fianna Fail)
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I thank the Governor for that. I like the introductory comment he made in this paper when he said "all financial crises are alike but an economic crisis is unique in its own fashion". How far behind do wage inflation pressures come? Is there a rough point in the economic cycle, that Mr. Makhlouf has seen before, whereby inflation manifests itself into wage inflation demands and materialises into wage demands? Is there a formula for how far behind it lags?