Water-soluble or water-dispersible hotmelt adhesives are prepared using graft copolymers produced by graft copolymerizing olefinically unsaturated monomers onto polyalkylene oxides. The adhesives additionally contain at least one resin which improves tackiness and the compatibility of the adhesive components. Other components such as polymers, plasticizers, and additives may also be present. The adhesives are especially suited for use in the labelling of recyclable or reuseable hollow containers. The adhesive may be completely separated from the hollow containers and dissolved in an alkaline washing liquor even at low temperatures.