The European Central Bank said in
its economic bulletin on Thursday that consumer spending and
income levels are struggling to recover in Italy after the
crisis.
"Ten years after the start of the Great Recession private
consumption in Germany and France stands about 10% higher than
before it began," the ECB said.
"By contrast, consumption in Italy and Spain has not yet
recovered completely...
"In Italy and Spain real compensation of employees
remains significantly lower than before the crisis, on account
of both crisis-induced wage moderation and unemployment
remaining elevated".
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