The third ETUC information bulletin on collective bargaining in 2009 looks at the lessons learnt from the 2000-2007 German experiment in wage moderation. Before engaging in policies where demand, investment and employment are restored by trying to gain a higher share of the European marketplace at the expense of other EU members, governments and employers should look at past experiences with competitive wage moderation, in particular at the developments in Germany between 2000 and 2007.