2 points ·
It'd called the Phillips curve, they created a labor shortage via QE. Then to entrench asset price inflation they did higher than normal immigration.
Here's a paper on it, which outlines how wage pressure is normal, and is desirable to reverse the wealth inequality caused by asset price inflation.
https://www.ecb.europa.eu/press/conferences/shared/pdf/20151217_4th_conference_hfcs/Adam_Tzamourani.pdf