%0 Journal Article %1 tilford2014eurozones %A Tilford, Simon %D 2014 %E for European Reform, Centre %K Wettbewerb eu-kommission %T The eurozone's ruinous embrace of 'competitive devaluation' %U http://www.cer.org.uk/insights/eurozones-ruinous-embrace-competitive-devaluation %X For its part, the Commission needs to stop defining competitiveness in terms of the real exchange rate. Competitiveness defined in this way is a zero-sum game: one country’s ‘gain’ is another’s loss. If competitiveness means anything useful it is labour productivity or total factor productivity, not the real exchange rate which can fall simply because of wage restraint depressing demand and leading to deflationary pressures.

@article{tilford2014eurozones, abstract = {For its part, the Commission needs to stop defining competitiveness in terms of the real exchange rate. Competitiveness defined in this way is a zero-sum game: one country’s ‘gain’ is another’s loss. If competitiveness means anything useful it is labour productivity or total factor productivity, not the real exchange rate which can fall simply because of wage restraint depressing demand and leading to deflationary pressures.}, added-at = {2016-03-09T05:42:01.000+0100}, author = {Tilford, Simon}, biburl = {https://www.bibsonomy.org/bibtex/22819135582d88f38d74ded8e575dc59f/mikram}, editor = {for European Reform, Centre}, interhash = {57073792dd63ab0545e5c4e7302695b6}, intrahash = {2819135582d88f38d74ded8e575dc59f}, keywords = {Wettbewerb eu-kommission}, timestamp = {2016-03-09T05:42:01.000+0100}, title = {The eurozone's ruinous embrace of 'competitive devaluation'}, url = {http://www.cer.org.uk/insights/eurozones-ruinous-embrace-competitive-devaluation}, year = 2014 }