By Stephen F. Frowen, Francis P. McHugh
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Extra info for Financial Competition, Risk and Accountability: British and German Experiences
Example text
We must move away from wage cartels and collective obligations, and give more influence to market forces and negotiations between individuals. It is time to loosen the straightjacket of industry-wide wage agreements and allow companies greater freedom in setting pay and working conditions. Opt-out clauses or restrictions on the principle which fixes the collectively agreed wage as the minimum wage would at least be a first step towards a strategy to lead Germany out of its employment dilemma. It is often said there is little reason to hope at present.
Wood 27 But all that said, it is clear that price stability – the avoidance of inflation and deflation – is the foundation of a stable banking system. The continuation of such a benign climate in Britain and in Germany should be a major safeguard against banking sector problems in both countries. 1: summary of financial liberalisation and deregulation United Kingdom 1971 1973–80 1976–87 1979 Early 1980s 1982 1983 1983–4 Competition and credit control: abolition of direct credit controls applying to banks.
Closely related to this development is the debate over corporate governance in Germany. After discussing at length the power wielded by the banking sector, parliament produced a moderate bill whose main contribution was new rules on the representation of banks on company supervisory boards. But this problem is illusory. The institutional structures of the German system – management board and supervisory board, employees’ rights to co-determination – have proven their worth, but they are coming up hard against their limits.