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Oh, and this is what adjustment looks like: (year-on-year change in wages and company profits

Purple: company profits
Orange: wages of salaried workers

That's not going to improve "competitiveness" but it's definitely not the fault of the wages as the aggregate wage bill has dropped maybe 2% per annum over the past 3 years.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Sat Feb 18th, 2012 at 05:30:58 AM EST
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afew 4

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