DECADES ago, the German trade union IG Metall possessed such mighty power that whenever a general strike was called, European financial markets would quake. Now, after a year characterized with increasing inflation rates that have reached historical highs, the German trade union IG Metall is active once again.

The head of IG Metall, Jörg Hofmann, has announced that the demand for the autumn salary negotiations is a wage increase of 8 percent combined for the next two years. Within the next few months, it will become clearer if investors should still fear IG Metall, like in the past.