I rest my case: competitividade e CUT (parte VI)

Parte I, parte II, parte III, parte IV e parte V.

"How to reconcile good export performances with rising relative unit labour costs in the periphery of the euro area?
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differences in cost competitiveness however do not systematically translate into differences in price competitiveness.
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Unit labour costs were also de-correlated from export growth: the bulk of their appreciation comes from price developments in the non-tradable sector, with the effect being largest in the crisis-countries.
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Exports were largely unaffected by the shock in domestic demand probably because they respond primarily to foreign demand and exogenous international prices. Rising unit labour costs were not the source of the demand shock but a symptom and they were not necessarily associated with losses in export competitiveness."

Trechos retirados de "The Signatures of Euro-Area Imbalances: Export Performance and the Composition of ULC Growth" de Guillaume Gaulier e Vincent Vicard.