Trésor-Economics No. 79 - What explains the resilience of employment in Germany?
Germany's unemployment rate hardly budged during the crisis: it was 7.3% in 2008 and 7.5% in 2009. This contrasts sharply with what happened in the other large countries of the euro zone - increases from 11.4% to 18.0% in Spain, from 7.8% to 9.4% in France, from 6.8% to 7.8% in Italy - and it occurred even though output in Germany declined by far more than the euro zone average. Three factors shed... Lire la suite