They also tend to reduce wage disparities between age groups and sexes, since low-paid workers are often young or female.

ECONOMIST: Not so fair pay

For example, research has shown that, even in the US, many firms would prefer to reduce wage costs by eliminating some staff rather than affect morale and productivity by introducing across-the-board wage cuts.

FORBES: A Plea for Growth to Europe's Politicians

For two, considering the producers in Greece and Ireland, a stronger euro would in fact reduce wage pressures, the cost of imported inputs necessary to produce what they manufacture, plus it would reduce shipping costs.

FORBES: Talk Of the Euro's Coming Demise Is Greatly Exaggerated