They acknowledge that it has not been easy to adjust nominal wages downwards in recent years, but argue that in substantial part that is a result of the persistently high inflation most countries have experienced in recent decades, so that that should be no more than a transitional problem.
Moreover, even though it may be difficult to reduce the wages of an individual employee, that does not prevent a significant reduction in unit labour costs as a result both of unchanged wages and positive productivity, and of natural turnover in the labour force.