inequality and the crisis : the story from europe · story from europe . from inequality to euro...
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INEQUALITY AND THE CRISIS : THE STORY FROM EUROPE
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FROM INEQUALITY TO EURO CRISIS
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A BIT MORE COMPLICATED STORY IN THE EURO AREA (1)
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A BIT MORE COMPLICATED STORY IN THE EURO AREA (2)
Still too high for Germany’s depressed state of the economyFar too low for the ‘peripheral’ economies
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
DE
IE
EL
ES
IT
CY
LU
MT
SL
SK
UNIT LABOUR COSTS 1999 = 100
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CAPITAL FLOWS UNBALANCING THE EURO AREA
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HOUSEHOLD DEBT LOADS
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FROM CRISIS TO HIGHER INEQUALITIES
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HEAVY FISCAL AUSTERITY ….
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…. MAINLY ON THE EXPENDITURE SIDE
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Euro Area Spain Greece Ireland Portugal Italy UK France Belgium
Expenditure cuts
Tax hikes
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POLICY OF INTERNAL DEVALUATION
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ILLUSTRATION: DG ECIN’S « LABREF » DATABASE ON STRUCTURAL REFORMS
« An ‘employment friendly’ reform is a reform that ‘reduces the wage setting power of trade unions’ »
(Source: Labour Market developmentsreport from Autumn 2012)
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IT « WORKS » (UNIT LABOUR COSTS SINCE 1999 UPDATED)
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99 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Belgium
France
Germany
Price stability line
Spain
Greece
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INEQUALITY INCREASING AT THE BOTTOM OF THE INCOME DISTRIBUTION
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ANCHORED POVERTY RATES
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ANCHORED POVERTY RATES OF CHILDREN
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CONCLUSION
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