Depicting Europe
Perry Anderson, 20 September 2007
“... actually fell – a staggering feat: real wages declined for seven straight years – while they rose some 15 per cent in France and Britain, and between 25 and 35 per cent in Spain, Italy, Portugal and Greece. With devaluation now barred, the Mediterranean countries are suffering a drastic loss of competitiveness that augurs ill for the whole southern tier ... ”