The EU now is in a bind
As jobs are very hard to find.
The Germans feel austerity
Is the one and only key.
The debtors feel we must have growth.
Is there a way we can have both?
And don't you think it would be great
If austerity could stimulate.
Of course all activity
That helps competitivity
And cuts the deficit as well
Will serve the goal as you can tell.
Our panelist Eric Labaye
Says Portugal has found a way.
They tried to raise activity
By breaking through rigidity.
And working hours have been increased
And salaries have been decreased.
But will it see the light of day
Or could it still lose its way?
And jobs is what it's all about
And that is why we hear this shout
Against the trend of outsourcing
And even think about resourcing.
By now it is quite the cliché-
In goods now China leads the way
The service sector's India's field.
And therefore both these giants wield
A power that's indeed immense
Which makes their customers quite tense.
In labour costs there was divergence
But now there is some convergence.
In recent years it's quite surprising
The Yuan has started rising.
Undoubtedly there is some hope
But frankly there is little scope
For resourcing jobs that have been lost.
It's not a matter just of cost.
The East has learned these skills the best.
Not much is left here for the West.
Once FDI flowed west to east.
But now it is a different beast.
And Indian firms in the USA
Have indeed found a way
To localize across the board.
At first all that they could afford
Were people who brought in the sales
But now we also hear some tales
Of guys who do the daily grind
And in good time we'll also find
That Europe might well find a way
To gently persuade and sway
Their Indian firms to employ
Some locals and you'll note of course
This is a good way to resource!
But the real solution for the West
Is doing what it does the best.
As industries begin to wilt
Newer ones should be built.
And as these industries employ
They will indeed spread much joy.
That is not to say of course
You shouldn't try and resource.
Now boosting first creativity
And then competitivity.
Is the method that's the best
To make the Sun rise in the West!
