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Response to Ghost Dog (Original post)

Sun May 20, 2012, 05:01 PM

1. Here's an example of a move in the right direction from Germany, though: German pay deal offers euro

Germany’s largest industrial union has secured the biggest pay rise for members in two decades in what is being seen as a major breakthrough in dealing with the eurozone’s chronic imbalances.

The deal was hailed by economists as a watershed moment for Germany, which is under intense international pressure to let wages rise faster to stimulate domestic consumer spending and help the eurozone’s less efficient producers become more competitive.

IG Metall accepted a 4.3pc offer from companies that will cover its 3.6m car and engineering workers for the next 12 months and end a series of disruptive strikes. It was the largest rise since a 5.4pc deal stuck in 1992.

Germany’s political leaders broke a long-standing, unwritten rule of staying out of the process – arguing instead for a better deal for workers. Finance minister Wolfgang Schaeuble said in May that German wages needed to grow faster than in the rest of Europe.

Political involvement followed diplomatic efforts by the US, the UK and elsewhere in Europe for Germany to accept a higher rate of internal inflation to help fix the eurozone’s underlying problems.

Germany has been blamed for entrenching divisions within the single currency by forcing down labour costs and pricing rival countries out of manufacturing markets. The resulting flood of German exports to buyers across the eurozone has been identified as a major destabilising factor.

/... http://www.telegraph.co.uk/finance/jobs/9278521/German-pay-deal-offers-eurozone-hope.html

... If we don't see more very serious moves in the right direction like this we are all going to soon see some very serious fucking global trouble.

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