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Pay compromise will benefit German economy
FRANKFURT, May 19 : Germany has marched back from the brink of a potentially devastating engineering strike with a pay compromise viewed as beneficial to the whole economy, reports Reuter.
Financial markets leapt In response to a last minute 5.8 per cent pay deal for Western Germany's four million metal and engineering workers.
It was also expected to help restore the image of Germany as a heaven of industrial stability, shattered after this month's unprecedented 11-day public services strike.
The fact that we have avoided a strike Is very positive", said Jochen Schobcr, chief economist at Hessische I.andcsbank.
Schober said 21-month of Industrial peace outweighed the slightly negative inflationary impact of the pay accord.
He was not planning to revise his Inflation forecasts for this year and said the German Budesbank should see no
reason to respond to the deal with a tightening of monetary policy.
The pay deal provides for a basic 5.4 per cent wage increase for the 12 months from the end of March.
There is also a 3.0 per cent rise for the last nine months of 1993.
Additional payments, Including higher Christmas bonuses, give an overall 5.8 per cent for 1992 and 3.4 per cent in 1993.
Tt can only be for the good that we now have a settlement which goes through to the end of 1993", said Itos Llfton, Frankfurt-based economist with Nomura Research International.
Matthias Wlssmann. economic policy spokesman for Chancellor Helmut Kohl's Christian Democrats, said, "It Is a great relief that this shadow of a strike in the metal industry has disappeared from German Industry".
The stock market welcomed the accord. The 30-sharc dax index rose two per cent to a )0-wcek high of 1,7*58.43.
"In one word-it's positive," said James Capel's Hans-Peter Wodniok.
German bond prices rose strongly and the mark Jumped to a three-month high against the dollar, It was fixed at 1.5968 to the US currency, up sharply from Friday's 1.6179.
The Inflation-conscious Bundesbank had previously insisted that wage rises this year must be clearly below last year's accords which provided for an average Increase of 6.7 per cent.
Growth in 1992 would now be between two and 2.5 per cent. Economics Ministry State Secretary Johann Eckhoff said in Paris. That was above previous forecasts of around two per cent that the government has forecast Un^he°5^4 per cent basic wage rise for the engineering sector was the same as the deal which ended the public sector
Concessions had been clearly made on both sides. The final accord was bellow the six per cent the Engineering
Union said was an absolute minimum and above the 3.3 per cent set by management.
"Its a deal which genuinely deserves the label compromise" said Alexander Batschari, spokesman for the VDMA Engineering Industry Association Ih Frankfurt.
Batsehari said the 5.8 per cent could be difficult for some companies In his sector.
"For the Industry as a whole, a deal with no strike was clearly preferable," he added.
Economists said the accord would help restore foreign confidence In the German economy, which has been eroded not Just by the public services strike but by signs of political Instability within Kohl's government.
"Foreign views, especially in Britain, that strikes are now a German disease and not a British disease are no longer relevant." said Commerzbank Economist Juergen Pfister.