EZA 632: German Politics - Labour Reform

13 September 2004

German political scene autumn 2004 – government imposes halt to reforms, CDU/CSU line-up for coming elections
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SummaryMarket conclusion: although the tailwind for the market provided by the upcoming labour market reforms is likely to abate, the resulting power shift in favour of capital will have lasting positive effects on stocks and on strategic considerations of where normal rates for the ECB might lie.

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© Graham Bishop