Report
Patrick Artus

Why the "insiders" are angry in France, Italy and Spain

The " insiders " are employees that are sheltered in the labour markets , those for whom the risk of unemployment is low and who capture wage increases . However , recent political developments in France, Italy and Spain (rise of populist parties close to the "insiders", primarily representing the sheltered middle and lower m iddle class) show the "anger of the insiders". What accounts for this anger? The deterioration in the quality of jobs; The small wage increases, linked to low productivity gains; The deterioration in the insider status since economic growth rather leads to job creation and to a reduction in unemployment than to an increase in real wages for the employees that have kept their jobs in the three countries.
Provider
Natixis
Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

 

Analysts
Patrick Artus

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