Why Europe Needs Higher Wages
309,813
Published 2024-04-24
Mario Draghi is on a mission to fix the European economy - or at least his report might. In this video, we take a look at the economic challenges facing Europe, Draghi's proposed solutions, and his argument for higher wages.
Why Southern Europe is Finally Outperforming Northern Europe: • Why Southern Europe is Finally Outper...
What's Gone Wrong with Sweden's Economy?: • What's Gone Wrong with Sweden's Economy?
Why Separatists are on the Rise in Spain: • Why Separatists are on the Rise in Spain
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1 - www.wsj.com/articles/inflation-reduction-act-subsi…
2 - www.euronews.com/business/2024/04/22/could-frances…
3 - www.visualcapitalist.com/visualizing-the-rise-of-t…
4 - ec.europa.eu/stories/soteu2023-commitment-to-Europ…
5 - www.ft.com/content/f6200dc5-e42b-4356-9951-70ca3a9…
6 - geopolitique.eu/en/2024/04/16/radical-change-is-wh…
00:00 - Introduction
01:08 - Why Europe's Economy is Struggling
05:19 - Higher Wages
06:40 - Better Intra-European Cooperation
07:22 - More Active State
08:06 - Sponsored Conte
All Comments (21)
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As an European I can't disagree
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Now imagine living in Portugal where the average salary is less then most minimum salaries in Europe, and the prices are basically the same if not higher in some things.
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Do you mean to say that making us poorer didn't magically fix the economy? Who would have thought!
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In Italy, we have the same wages of 30 years ago. I'm not kindding! Meanwhile the cost of living has doubled. I'm not an economist, I just know this sucks 😅
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High wages means higher consumption which will grow tertiary industries eg Services. Higher wages allows for higher spending full stop. Europe and the UK needs this desperately imo
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My feeling is that in Italy, for example, labor is taxed too highly, while property relatively too low. We should shift taxation out of worker incomes to rise employment and spending power.
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nice to see someone with influence finally realise the death spiral austerity has put us on. The common person needs to be at the centre of our economies not corporations
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Most important part of the video is about the difference between EU and USA borrowing cost. No other country can borrow as much as the US without being punished by global capital markets.
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Even the EPP realised that wages need to be raised
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I’m a software engineer living and working in Italy, my wage is about 1/4 of what i would earn in the U.S. I am aware that my country is not the most competitive in the EU as far as wages but still, that makes you wanna re-consider your options
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I can't speak for the whole Union, but in France, it's an insane amount of regulation that keeps innovation and wages down. You can't open a business without going through a fistfight with the local government, you can't hire someone without the same thing. If wages are to rise, you have to let people be economically productive
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I once worked for a french firm here in portugal with a portuguese salary. At one time I was sent to work in france in the same company. I was the same person, same brain, same project, same papers, same briefcase, same hours, same productivity,, only different desk and 5X more pay. Can someone please explain this to me.
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Once you have worked for American and Asian firms, a European firm feels like an old age home. They are slow to expand, slow to digitalize, and slow to incorporate new tech. Have all the higher wages you want, but I am not sure where all that money will come from.
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As an Swed i respect you have a Göteborg T shirt
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Nurses and doctors in the UK haven't had a payrise since 2008 and we've effectively had about 35% of our salaries taken away from us. So yes, I have significantly less money to buy things I don't need and stimulate the economy a lot less. We also dont have children aged 32 because we cant afford them and the governments are confused why we have declining birth rates
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A small sidenote: when Draghi talks about higher wages he isn't referring to a directly higher nominal salary, but rather a higher real wage taking into account discount rates, market competitiveness and overall purchasing power. Only directly raising salaries will do nothing but inflate the market.
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They've been too low for a long time
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main reason for brain drain imo, especially in the tech industry. apart from london, zurich and maybe amsterdam tech salaries are very low in europe
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Especially Germany saw decades of wage suppression to keep the coveted title of exporting world champion
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European agricultural protectionism through enormous subsidies is second to none
