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Nordic countries at odds with EU over minimum wage

Summary:
A high minimum wage doesn't seem to harm the Scandinavian economies, but the EU wants to change things.High-wage Nordic countries, including Denmark and Sweden, are battling plans to introduce an EU-wide minimum wage over fears the measure will undermine their century-old models of collective bargaining.The European commission will take the first step towards a common framework for setting minimum wages in EU member states on Tuesday as part of a pledge by its new president, Ursula von der Leyen to stem a “brain drain” from east to west. But with the backing of major unions, politicians in countries where employer-worker negotiations set the rates of pay are set to challenge the proposals. They argue that Brussels’ intervention could ultimately lead to lower wages among their

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A high minimum wage doesn't seem to harm the Scandinavian economies, but the EU wants to change things.

High-wage Nordic countries, including Denmark and Sweden, are battling plans to introduce an EU-wide minimum wage over fears the measure will undermine their century-old models of collective bargaining.

The European commission will take the first step towards a common framework for setting minimum wages in EU member states on Tuesday as part of a pledge by its new president, Ursula von der Leyen to stem a “brain drain” from east to west.

But with the backing of major unions, politicians in countries where employer-worker negotiations set the rates of pay are set to challenge the proposals.

They argue that Brussels’ intervention could ultimately lead to lower wages among their workforces.

The Guardian

Nordic countries at odds with EU over minimum wage

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Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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