The impact of a minimum wage depends on how high it is to average wages. If you have too high a minimum wage, it will hurt job creation, and you will have negative job effects.

Governments need to lay out a credible path to reducing their deficits in the medium term, but without excessively enfeebling an already weak recovery. That means raising retirement ages and overhauling pensions; putting in place the budget rules and institutions that will curb future profligacy; and favouring spending cuts over tax increases.

The problem with one single minimum wage is that you don't allow for younger people, who are less skilled and maybe more easily pushed out of the job market, or that the minimum wage should vary for different regions.

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