Can Wage Restraint Pull the Mediterranean Countries Out of the Sovereign-Debt Crisis? An Empirical Analysis of OECD Export Performance

On March 25th 2011, the European Council passed the Euro-plus Pact in order to enhance the competitiveness of European countries especially for the four Mediterranean countries which were trapped in a sovereign-debt crisis. One of the main focuses of the Pact was to restrain the growth rate of wages to make it below the growth rate of...