ECB's Bini Smaghi: Europe must regain competitive edge
Unless euro-area countries implement strategies aimed at stronger and more balanced growth, Europe risked losing its competitiveness in export markets, said Lorenzo Bini Smaghi, a member of the executive Board of the European Central Bank (ECB), in a presentation delivered on 9 July.
Bini Smaghi said countries with persistent and deteriorating external deficits should adopt measures to increase competitiveness. Such a strategy he said, would require wages to increase less than productivity
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