- Member of Political Economy of Distribution
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The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labour cost competitiveness (caused by rigid labour markets), or a combination of both.
Owing to its strong dependence on exports, Germany was among the economies hit hardest by the financial crisis.
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“Some authors argue that the German export success has nothing to do with wage or unit labour cost moderation and is instead due to the country’s high non-price competitiveness.” — Lucio Baccaro and Tobias Tober, LSE