In the process, hourly labour costs in manufacturing reached levels in ECU terms second to only those observed in Germany (Table 4). ... down in the fourth quarter of 1991, dropping from a peak of 10.9 per cent in September 1991 to 4.0 per cent a year later (Diagram 4). ... Under the transitory Incomes Policy Accord of December 1991, the Government undertook to keep public sector wage increasesanbsp;...
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