Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
There's no immaculate transfer.
Give them a big pay rise by all means but they'll mostly spend locally -or save.

And Migeru has repeatedly shown how Spanish wages are still weak even as they have risen. I don't want that to be the eternal status quo. We need to make sure that decent wages in the periphery become sustainable. With the current institutions it wouldn't work, that's why we need to change them.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Wed Aug 29th, 2012 at 06:11:54 AM EST
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They don't need to spend mostly on imported goods. Spending even a quarter on imported goods would suffice. Which they will, because the share of imports in goods produced for local consumption usually amounts to a quarter to a third of the total price.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Aug 29th, 2012 at 06:46:36 AM EST
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Neither do we want to turn the periphery into a massive Mezzogiorno.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Sep 5th, 2012 at 10:14:20 AM EST
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Dash it, will you people stop making me look up words I don't know and learning about things?

sapere aude
by Number 6 on Fri Sep 7th, 2012 at 10:49:38 AM EST
[ Parent ]