Now they were being asked to pay it through lower wages and a weakened currency.

Manufacturers instead have to cut prices, which means lower wages.

In countries that made these changes, lower wages would lead to lower prices.

And hard-hit retailers are cutting back, too, offering lower wages this year or even using their own staff rather than hiring in.

This could lead to geographical variations in pay and lower wages for public sector workers where they earn more than the private sector.