Brussels, 09/01/2008 (Agence Europe) - In a statement released on Wednesday 9 January, the European Trade Union Confederation (ETUC) calls on the European Central Bank (ECB) to “stop its crusade against fair wages”. Reacting to a speech by Jean-Claude Trichet on second round effects (EUROPE 9574), ETUC rejects the argument whereby the surge in oil prices will cause a rise in salaries and lead to an inflationary spiral. Hourly wages with growth of only 2.6% do not present a threat to the general level of prices, and the eurozone, with its overvalued currency and given the uncertainty linked to the sub-prime crisis, “needs robust wage growth to keep driving economic growth and job creation”, ETUC states. Reiner Hoffmann, ETUC Deputy General Secretary, said: “The ECB is attacking collective bargaining and fair wages to hide the fact that its Board is apparently unable to provide a policy response to appreciation of the euro exchange rate and the sub-prime financial crisis by cutting interest rates. This is not helpful at all”. (A.B.)