This article discusses the evolving economic consensus in the Eurozone, highlighting a shift away from wage repression as a measure of competitiveness, as noted by Mario Draghi and the German Council of Economic Experts (GCEE). Both emphasize the importance of investment over traditional competitiveness metrics, with Draghi advocating for common European borrowing to stimulate growth, while the GCEE stresses the need for strict measures to ensure that new fiscal stimulus effectively enhances productivity. Overall, the article underscores a significant transformation in economic policy perspectives in Italy and Germany.
