By Sylvain Broyer The ECB has moved into “camp permanent” on inflation, but cracks in the labour market will pose a challenge in 2024, writes Sylvain Broyer At the beginning of 2023, the market knew that rate rises were an inevitable and critical part of central banks’ attempts to control inflation. However, as the year has progressed, we have nevertheless been surprised by central bank action on policy rates, and none more so than by the European Central Bank’s (ECB) policy U-turn. In the space of six months – from December 2022 to spring 2023 – the ECB had completed a 180-degree turn and shi…