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Germany’s Silent Rebalancing Has Been Undone by Covid-19

MPS-Authors
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Di Carlo,  Donato
Politische Ökonomie der europäischen Integration, MPI for the Study of Societies, Max Planck Society;
European University Institute, Florence, Italy;

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Höpner,  Martin
Politische Ökonomie der europäischen Integration, MPI for the Study of Societies, Max Planck Society;

Fulltext (public)

mpifg_on20_2611.pdf
(Any fulltext), 243KB

Supplementary Material (public)
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Citation

Di Carlo, D., & Höpner, M. (2020). Germany’s Silent Rebalancing Has Been Undone by Covid-19. LSE Blog EUROPP, (published online November 26).


Cite as: http://hdl.handle.net/21.11116/0000-0007-7AAC-F
Abstract
Low German wages are often cited as a key contributing factor to imbalances in the Eurozone. Donato Di Carlo and Martin Höpner demonstrate that while nominal unit labour cost growth in Germany consistently undershot that of other Eurozone countries in the first decade of the euro, the country has undergone a ‘silent rebalancing’ following the financial crisis. Unfortunately, this incomplete process is likely to be reversed by the shock from Covid-19.