Sir James Mirrlees, Nobel prize in Economics, believes that governments of the European Union should subsidize lower wages to combat social inequalities involved in economic globalization. "We are at the beginning of an economic recovery that comes with a precarious labor market because of competition from emerging economies has been reflected in various sectors -Mirrlees said-. The EU can not afford not compete with them, governments must understand and try to provide good social services and even to subsidize lower wages".

To Mirrlees, the EU states facing a period of social crisis that had not experienced since the last war, with high levels of unemployment, migration, and inequalities. "Many do not understand how big business and banks earn more and the labor market remains precarious -he added-. Governments should be aware that they face a new challenge and must act".

The Nobel Prize has made these reflections before joining the Real Acedemia de Ciencias Económicas y Financieras of Spain ( RACEF ) as Corresponding Academician to the UK at a ceremony which was held in Barcelona. Mirrlees has read the inaugural speech "The unequal World economy". Replied on behalf of the RACEF its president, Jaime Gil Aluja. The ceremony was attended by the Regional Minister of Economy and Finance of the Generalitat of Catalonia, Andreu Mas-Colell.