ecb speech, 2006-11-29
To the extent that it depends on the lucidity of the social partners as well as on the 'role model' played in a number of countries by governments and local authorities in handling wages in the civil service, reducing the degree of loss of relative unit labour cost competitiveness in good times would smooth the necessary biting of the market adjustment competitiveness channel in more difficult periods of times.
Sentiment: neutral
Topic: fiscal_policy