ECB's Trichet on economic integration

In the speech 'Economic integration in the euro area' given on 31 March Jean-Claude Trichet of the ECB said some eurozone countries are losing competitiveness due to high wage growth.

'In some economies wage increases have exceeded the weak labour productivity growth rates for a sustained period, leading to a progressive deterioration of their competitiveness,' Trichet said in the speech.

He said different rates of growth in labour costs may be justified by a process of catching up, and countries

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