Ireland’s Honohan pushes for wage cuts
The governor of the Central Bank and Financial Services Authority of Ireland has urged the country's businesses to cut salaries to restore competitiveness.
Patrick Honohan, the governor, said on Monday that wages in Ireland had risen too steeply in the boom years and that, given euro-area inflation was likely to stay low, restoring competitiveness would require "containing and indeed reducing nominal wage rates".
Comparing Ireland to the United Kingdom, the governor ruefully noted that Irish
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