Wage negotiations, for example, have been decentralised and wage indexation has been abolished or reduced – Spain is a case in point. This makes it possible for wages to take the specific situation of each firm into account.
3/4  BIS central bankers' speeches  To bring the programme to a successful conclusion and to restore market access for the sovereign on a lasting basis, it is above all essential that the Greek authorities continue to show a serious commitment to the goals and measures taken under the programme.