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Mario Draghi’s Economic Ideology Revealed?
26/03/2013
ECB President Mario Draghi made a presentation to heads of state and government at last week’s European Council on the economic situation in the euro area. His intent was to show the real reasons for the crisis and the counter-measures needed. In this he succeeded – although not in the way he intended.
Draghi presented two graphs that encapsulate his central argument: productivity growth in the surplus countries (Austria, Belgium, Germany, Luxembourg, Netherlands) was higher than in the deficit countries (France, Greece, Ireland, Italy, Portugal, Spain). But wage growth was much faster in the latter group. Structural reforms and wage moderation lead to success. Structural rigidities and greedy trade unions lead to failure.
Tratto da www.social-europe.eu