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The authors contend that inflation in Europe is caused by global supply chain disruptions, the energy crisis, and corporate profit maintenance rather than rising wages. They argue that increasing interest rates risks severe economic damage and unemployment, suggesting instead that the solution lies in price controls, windfall profit taxes, wage indexation, and reducing dependence on global imports through a green transition.

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  • Inflation in the Eurozone and the United States reached significant levels in 2022, with the US reporting an annual rate of 8 percent in August and the Eurozone averaging 10 percent in September. Within the Eurozone, rates varied from 6.2 percent in France to 20 percent in the Baltic States.
  • The current inflation is not caused by wage growth but by a high dependence on globalization, including pandemic-related supply chain disruptions, the energy crisis linked to the war in Ukraine, large-scale speculation, and rising shipping costs. These costs are passed to consumers, allowing companies to maintain or increase profit margins while the share of wages in the GDP falls; Eurostat estimates this share in the Eurozone will drop from 57.6 to 54.6 percent in 2023.
  • Restrictive monetary policies, such as increasing interest rates by the Federal Reserve and the European Central Bank, risk causing severe economic damage and increasing unemployment. The authors argue that a 'terrible recession' would be required to lower inflation through these means.
  • To combat inflation and the cost-of-living crisis, the authors recommend a shift in economic policy toward price controls, higher taxes on excess profits, and the use of indexation to protect real wages. Long-term stability requires reducing vulnerability to global shocks by decreasing import dependence—especially energy imports—and investing in agriculture, innovation, and transport as part of a green transition.

Cite the original document

APA
Marie, J., & Monvoisin, V. (2023). Abbassare i salari non è la risposta giusta. Green European Journal. https://www.greeneuropeanjournal.eu/abbassare-i-salari-non-e-la-risposta-giusta/
Chicago
Marie, Jonathan, and Virginie Monvoisin. Abbassare i salari non è la risposta giusta. Green European Journal, 2023. https://www.greeneuropeanjournal.eu/abbassare-i-salari-non-e-la-risposta-giusta/.
Wikipedia
{{cite report |last1=Marie |first1=Jonathan |last2=Monvoisin |first2=Virginie |title=Abbassare i salari non è la risposta giusta |publisher=Green European Journal |date=20 January 2023 |url=https://www.greeneuropeanjournal.eu/abbassare-i-salari-non-e-la-risposta-giusta/ |access-date=23 October 2026 |via=Climate Insights Directory}}
BibTeX
@techreport{marie2023abbassare, author = {Marie, Jonathan and Monvoisin, Virginie}, title = {{Abbassare i salari non è la risposta giusta}}, institution = {Green European Journal}, year = {2023}, month = jan, url = {https://www.greeneuropeanjournal.eu/abbassare-i-salari-non-e-la-risposta-giusta/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }

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