Low-wage competition has led to substantial outsourcing and off-shoring activities that have kept German firms competitive by reducing their demand for domestic labor. As neither Germany’s unions nor its welfare state would accept falling wages, the result was higher unemployment and slower growth.
第四轮冲击波是欧盟的东扩，它为东部的贸易和投资带来了非同寻常的机会，但也带来了大规模的低薪竞争。平均来讲，2004年新加入欧盟的国家工资成本只有德国西部的14%。低薪竞争的结果是大规模外包和境外活动，这些活动降低了德国公司对国内劳动力的需求，保持了企业的竞争力。因为德国工会和福利国家都不会接受降低薪水，结果就导致了失业率居高不下和增长速度缓慢。