And, in between, two other panels will address – from both an analytic and a policy point of view – other important challenges confronting the euro area, in particular those stemming from its future enlargement and its evolution towards an optimal currency area. III.
The basic rule should be that the increase in the real product wage remains below the (genuine) increase in productivity in order to make more jobs viable in the long term and to maintain competitiveness. Problem area 2: public finances/consolidation Like the labour market, the area of public finance has also significantly weakened economic growth momentum in Germany.