- "In our opinion, the differences in economic policy options between Germany and other euro-zone countries are understandable, considering that Germany and the other countries have different objectives, related to different collective preferences:
• in Germany, do everything to maintain a large industrial base, exporting and paying high wages;
• in many other countries, try to maintain high growth in consumption, hence in wage income and employment, of whatsoever kind."
- "The wage, fiscal, budget and credit policies of Germany are therefore inevitably different from those in other European countries."
• in Germany, do everything to maintain a large industrial base, exporting and paying high wages;
• in many other countries, try to maintain high growth in consumption, hence in wage income and employment, of whatsoever kind."
- "The wage, fiscal, budget and credit policies of Germany are therefore inevitably different from those in other European countries."
Natixis Flash Economics 374 20100722
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