The worry that euro-zone countries such as Spain may suffer prolonged slumps because they lost control of unit wage costs lends the inflation test some weight, though not much.

ECONOMIST: The financial crisis has made the euro look more alluring

Currently, I see profit margins almost 20 percent above their normalized level, elevated by tight expense control and minimal incremental wage expense.

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Labour MP Martin Caton and AM Anne Jones were among the speakers in support of a fair wage for Firefighters and Emergency Fire Control Operators.

BBC: Firefighters want 40% pay rise