Wage devaluation fails to boost exports - IMF

Europe

Using the IMF's own data, our colleague Ronald Janssen of the ETUC has written an excellent analysis, posted today on the Social Europe web site, showing that the wage devaluation policies the Fund has promoted in the eurozone have not resulted in increased exports from the crisis countries to states such as Germany. However they did succeed in slowing down the eurozone's overall recovery. Jointly with its troika partners (European Commission and ECB), the IMF has applied the failed competitive wage devaluation strategy through loan conditionality or policy advice in countries such as Spain, Portugal, Italy and Greece.
Read more at > Social Europe Journal (EN)

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