Resulta que l'article més llegit avui al WSJ Europe és aquest. Poso els punts més importants:
- The very factors that make some European economies sluggish and inflexible during times of plenty also help cushion the impact of the downturn.Spain exemplifies this. During the good times, its economy is held back by low productivity, an extensive underground economy and scant labor mobility
- Another issue Spain shares with other southern European countries is its extensive black economy. During the good times, economists have encouraged countries like Spain and Italy to bring the black market under control. In the bad times, however, that market can give many Spaniards secret, undeclared sources of income that can keep them afloat.Analysts say it could represent as much as one-fifth of the Spanish economy, providing work for people who are formally unemployed.
- Even at the height of Spain's credit-fueled boom, with an overheated economy running at full tilt, the country's unemployment rate fell only to 8%.
- Because of its onerous labor laws, employers will wait a long time to hire, even when a recovery begins. And the Socialist government has made it clear it has no intention of overhauling labor laws.
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