Euro, Europe

[Bernard Girard <bgirard@xxxxxxxxxxxxxxxxxxx>]

All discussions on Europe turn around the larger and richer countries, Germany, France.
But we should not forget poorer countries, like Portugal. The wages in Portugal (or
Greece or Spain)are today much lower than in Germany or France. The euro will give
workers of these countries an opportunity to enter in competition with workers from
richer countries, to compare wages, ask and quickly obtain raises. Which should create
inflation. Hence two questions :
- what will the ECB do?
- what will happen to those, retired, farmers, civil servants who cannot obtain so
easily raises? inequality might grow in these countries.


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Bernard Girard