LONDON, Nov 24 (Reuters) - The euro zone economy is not suffering a wage-price spiral yet but wage pressures are building and income growth is already higher than in previous years, European Central Bank board member Isabel Schnabel said on Thursday.
"You cannot say that 'okay, we don't have a wage price spiral so we can relax', Schnabel said. "We need to prevent wage price spiral so we cannot wait until it's there and then respond."
She argued that ECB policy needs to anticipate rapid wage growth may come given double digit inflation and current wage growth is already "relatively" quick. (Reporting by David Milliken and Suban Abdulla; Writing by Balazs Koranyi; Editing by Francesco Canepa)