Have the divergences of labour cost trends between euro-zone countries led to divergences in terms of inflation or profitability?

Since the 2008-2009 crisis , unit labour costs have fallen in Spain, risen sharply in Germany and Italy, and risen less markedly in France. If unit labour costs diverge between euro-zone countries, there may be two equilibria: An equilibrium where prices diverge, and where the countries where labour costs rise faster have a price competitiveness problem ; An equilibrium where prices do not diverge, but corporate profitability diverge s , and where companies in the countries where labour costs rise faster have a profitability problem, and therefore normally weak investment. We are seeing that: The unit labour cost divergences are found in the divergences between the GDP deflator s ; Moreover, profit margins and investment are declining in Italy.