MoneyWeek map: How Europe's labour costs have changed

Since the start of the financial crisis, peripheral eurozone nations have struggled to remain competitive against the likes of Germany. But as this map shows, it's not all bad news.

600-Europe-labour

One of the key issues facing the eurozone is that the peripheral' economies are so much less competitive than the likes of Germany. Pre-single currency days, countries such as Greece could rely on a falling drachma to cut their labour costs relative to the deutschemark. Now they have to do it the hard way, by actively cutting wages or becoming more productive, or both.

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