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Restoring competitiveness requires reducing wages relative to Germany.
Meanwhile, restoring competitiveness is painful because it involves cutting people's pay.
His warm words about reconnecting with customers and restoring competitiveness could have been spoken by his predecessor, Philip Clarke.
"Can they do enough fiscal adjustments, structural reform, restoring growth, reducing the unemployment rate, restoring competitiveness in time to stop falling off the cliff?
The Eurogroup of finance ministers declared that "ensuring debt sustainability and restoring competitiveness" are the goals of the second bailout for Greece.
PAUL KRUGMAN points us to Nouriel Roubini who argues that the history of internal devaluations that is, restoring competitiveness through wage declines rather than exchange rate shifts is mostly a history of failure.
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As a euro member, Ireland cannot devalue to restore competitiveness.
Wouldn't bringing back the drachma restore competitiveness?
And so to restore competitiveness actual wage rates needed to fall.
Currencies stabilized at lower levels and restored competitiveness, enabling them to run trade surpluses.
But troubled countries have also taken too long to root out vested interests and restore competitiveness.
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