Furthermore, the origins of some features of the legislation rested as much or more with Republican than Democratic legislators, such as the section 165 requirement for resolution plans that will make systemically important firms resolvable in bankruptcy without requiring taxpayer support or resulting in major disorder in the financial system.
Growth in the initial years was strong and unemployment declined by more than a fourth within five years.10 Wage increases remained moderate, even below euro area averages (see Chart 7), and unit labour costs moved according to the “golden wage rule”, i.e. at an average annual rate below, but close to, 2%.