EMPLOYMENT: GERMAN PRESIDENCY PRESENTS EMPLOYMENT PACT.

As far as the German Presidency is concerned, the Pact should be based on three mutually-supportive objectives:* interaction to the greatest possible extent between wage developments, fiscal policy and monetary policy* further development and even better implementation of the coordinated employment strategy within the framework of the Luxembourg process* strengthening of structural reforms in accordance with the Cardiff process in order to improve competitiveness and the functioning of the markets for goods services and capital.The aim of the three measures is to achieve a high level of employment across Europe, whilst maintaining price stability. In order to do this, the Presidency stresses the importance of improving the interaction between national and European employment policies. For example, the Structural Funds and Cohesion Fund should focus on job-creating activities.Other measures recommended by the Presidency include boosting the level of investment and the rate of female participation on the labour market; the application of suitable training and labour market policies with the help of the social partners, and the development of an economic environment conducive to innovative companies.Luxembourg strategy.As part of the process for applying the employment guidelines, the Pact recommends a series of initiatives:- paying greater attention to identifying and exchanging best practice developed by national action plans;- encouraging the development of supplementary verifiable objectives on a national level;- reviewing tax and social benefits systems with a view to lowering the burden on labour;-...