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Is German wage policy destroying the Euro?

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The paper argues that the Greek debt crisis (as well as those of other Southern European countries) has to be seen in a macroeconomic context. The sum of public sector balance, the (domestic) private sector balance and the current account deficit (or equivalently: the capital inflows) has to add up to zero. By implication in a country that has a current account deficit either the private sector or the public sector has to run a deficit. Therefore the PIIGS countries can only solve their public debt problems if there is a change in German current account surpluses. The paper explores the implications of this for wage policy in the Euro zone.

This talk is part of the Land Economy Seminar Series series.

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