Nem de propósito, o relatório do FMI sobre a 11a revisão do programa de ajuda a Portugal fala mesmo nisso duma forma bem mais clara:
Product market rigidities. Despite past reforms, evidence suggests that excessive rents in the non-tradable sector, particularly network industries, continue to weigh on input prices for the tradable sector. For example, guaranteed returns in the electricity sector irrespective of demand conditions generate upward pressure on electricity prices.
E ainda:
Electricity. The government has already taken significant measures in order to facilitate the elimination of tariff debt by 2020. However, to achieve this objective, annual real electricity-price increases of some 1.9 percent will still be necessary. The authorities are developing specific additional measures to reduce costs and further reduce rents in the electricity sector, hence limiting future price increases, to be presented by the time of the twelfth review (end-April structural benchmark).
Certamente os outros relatórios anteriores falam da mesma coisa, mas admito que esta é a primeira vez que me dediquei a ler um dos relatórios do FMI, que são aliás bem interessantes e falam de (muitas) mais coisas que aquelas focadas pelos media...
E ainda não tinha chegado a estas partes, quando publiquei o post.
ResponderEliminarNovamente o foco sobre o tomar medidas (que foram acordadas) para baixar rendas:
"In particular, while further labor market flexibility remains a key element going forward, renewed efforts to tackle rents in the non-tradable sectors are also needed to reduce input costs for exporters and ensure the burden of adjustment does not fall excessively on labor. In light of this, staff urges the authorities to follow through on commitments to
specify and implement new reforms in these areas in the weeks ahead."
E ainda o impacto que isto tem, e ao contrário do noticiado, não é que se tem de fazer uma ou outra, mas não se baixando rendas (o correcto) tem de se cortar novamente os salarios (a alternativa nefasta):
"Since input costs comprise both labor and other factors, the reduction of excessive rents in, for example, network industries and nontradable sectors can yield substantial declines in the costs of inputs and improve competitiveness. These can complement efforts to improve
productivity. In the absence of efforts to reduce rents and non-wage input costs, improving competitiveness would require higher wage adjustment.. Indeed, in Portugal, unit labor costs seem to have fallen more in the
tradable sectors than in the nontradable sectors since 2009.1/ In Ireland, on the contrary, unit labor costs in the nontradable sectors appear to have declined more than in the tradable sectors."