Again, this is not what happened. e.g. see here http://www.voxeu.org/index.php?q=node/7536 http://www.voxeu.org/index.php?q=node/7536 Unit labor costs in Ger

Again, this is not what happened. e.g. see here http://www.voxeu.org/index.php?q=node/7536 http://www.voxeu.org/index.php?q=node/7536 Unit labor costs in Germany increased 5% (essentially was flat) from 2000 to 2011, Greece costs increased 40%, Spain 30%, Italy 30%. The graph very clearly explains why Germany has substantial economic growth. (Google "unit labor costs europe" for other sources)