In these worrying times of financial crisis it is comforting to watch the Dutch consensus machine in action. Yesterday, employers, unions and the government met for their annual bargaining session over pay and conditions for the coming year.

As market traders and savers were pulling out their hair in desperation at the credit crisis, the employment minister, union leaders and the employers association boss were smiling broadly at the cameras. Crisis? What crisis?
The reason for the smiles was that all parties had reached a satisfying deal, quickly and relatively painlessly. A deal that will help the Dutch economy weather the storm of recession that is said to be imminent.
Unlike their counterparts in Germany, Dutch unions have agreed to moderate wage demands in line with inflation in exchange for the abolition of unemployment premiums for workers and a boost in purchasing power for the vulnerable groups in society.
The deal has, of course, been in the making for months, and none of its elements came as a surprise. Consensus had been reached prior to the crucial meeting.
This sort of compromise-making is often mocked by countries with more polarised, confrontational labour relations. They claim that it stymies market dynamism and avoids crucial tough decisions.
Yesterday the message from the negotiations was clear and refreshing. We put the country’s interests first and are united in getting the Netherlands through the next year as unscathed as possible. It’s a shame the banks can’t come up with something similar.