Πηγή: ΝΥ TIMES
του P. Krugman
Euro Divergence (Slightly Wonkish)
Just as a reminder that others have problems: Cezmi Dispinar points me to a post with an excellent chart about the problem of adjustment:
Sorry that it’s in German — but it shows unit labor costs, with 1999=100. The red line is Germany; the black line is France; the green line is the ECB’s 2 percent inflation target; the blue line is southern Europe.
The point is that the introduction of the euro led to a period of low interest rates in southern Europe, triggering an inflationary boom; when the boom ended, they were left uncompetitive with northern Europe. And the ECB is in effect demanding that all the removal of that competitiveness gap take place via deflation in the south, none of it through inflation in Germany.
Sorry that it’s in German — but it shows unit labor costs, with 1999=100. The red line is Germany; the black line is France; the green line is the ECB’s 2 percent inflation target; the blue line is southern Europe.
The point is that the introduction of the euro led to a period of low interest rates in southern Europe, triggering an inflationary boom; when the boom ended, they were left uncompetitive with northern Europe. And the ECB is in effect demanding that all the removal of that competitiveness gap take place via deflation in the south, none of it through inflation in Germany.
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