In the current political environment, euro-zone governments cannot tell their public the truth

The reality is that: Spain’s growth is temporary, as its potential growth is zero in the absence of productivity gains. A lot more resources would have to be allocated to corporate modernisation and innovation in Spain , failing which t he improvement in cost competitiveness since 2009 is not sufficient to assure sustainable growth in Spain; France and Italy suffer from the skewing of income distribution in favour of wage earners, which has eroded corporate competitiveness, leading to underinvestment in Italy and rising debt in France. Both countries must return to an income distribution more conducive to companies; Germany is now being penalised by rapid wage increases at a time of stagnant labour productivity and a rapid deterioration in the situation of industry. But can the government say in Spain that the efforts made by wage earners are not enough to assure sustainable growth? In France and Italy that wages have risen too fast? In Germany that there is no prosperity left to increase wages?