If it were not for this, we could say that the price-level is compounded of two factors, the wage-unit and the quantity of employment.

如果不是这样，则我们可以说，价格水平是由于两个因素决定的：工资单位和就业量。

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Were unit wage costs to rise too far, they could recover competitiveness more quickly.

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

In terms of relative unit wage costs, Germany's competitiveness has improved by around 13% since the euro started.

ECONOMIST: In place of devaluation, troubled members could try reform

Part of this rise in pay has been offset by strong productivity growth, but even unit wage costs are rising more rapidly.

ECONOMIST: A monetary tug-of-war