Wages, productivity, and the "rule of lead" of the ECB

The ECB suggests that hourly nominal wages should increase in line with real hourly labour productivity, and not exceed it. The "vicious" countries which do not follow this rule loose progressively competitiveness. This is the "rule of lead" for income distribution, contrasting with the "role of gold" that leaves unchanged the labour share on national income. The "rule of lead" means domestic competitive devaluation, against workers and labour income, and income distribution with even more inequality.