Projections for price developments next year depend largely on the assumption of wage moderation.

本报告对于明年价格走势所作预测的主要依据是，假设雇员报酬的升速将会放缓。

youdao

Mr Zapatero preaches wage moderation (and real wages are indeed dropping at last), but he does not embrace the idea that Spain as a whole needs wage deflation to compete.

萨帕特罗奉行薪酬的自我调节（而最后真实的薪酬事实上需要下降），但他并没有接受这个事实：从整体上来说，西班牙需要收缩薪水以保持竞争力。

youdao

Wage moderation has therefore not led to a shortfall in demand, as originally feared by some.

ECONOMIST: BY INVITATION: The high road that leads out of the Low Countries | The

Germany is reaping the benefits of years of wage moderation and labour-market reforms that improved its competitiveness.

ECONOMIST: France loses ground to Germany

By the mid-1980s however, this movement was reversed, and wage moderation prevailed.

FORBES: Is There Hope For Employment In Europe?