Eurozone periphery condemned to low wages, demand, EC study suggests

Economy Tags: EC
en_GB Photo by Harry van Versendaal
Photo by Harry van Versendaal

A research paper by an economist at the European Commission’s Directorate General for Economic and Financial Affairs (DG ECFIN), which was initially published online this week by accident, withdrawn and then released again the next day, provided more fuel for the austerity debate in the euro area. The findings of the paper, which were first noted by Kathimerini's Brussels correspondent Nikos Chrysoloras, go against the Commission's policy recommendations during the crisis. These include fiscal consolidations that put more emphasis on the expenditure side.

The paper also casts doubt on the decisions taken by core euro area countries, particularly Germany, which has been setting the tone for the overall eurozone policy process since Greece ignited the broader euro crisis back in 2010. The paper concludes t...

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