The Competitiveness Pact reduced unit labour costs by 6½ % in the period of 2014-17. Assisted by strong global demand, the pact was an important factor underlying Finland’s rebound from zero growth to 2-3 % growth in 2017-18. One might say, it’s small-country open-economy macroeconomics in action! 2.
Well, it was the start of the phase of the crisis when Greece came to a situation where the revelation about the budget deficit created a situation of non-access to the financial markets. That was in 2010. Could you say that the end was close?