Challenges for Successful Wage Setting in Europe
Abraham, Filip De Bruyne, Karolien Van der Auwera, Isabel
Abraham, Filip
De Bruyne, Karolien
Van der Auwera, Isabel
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Publication Type
Book Chapter
Editor
Supervisor
Publication Year
2000
Journal
Book
The Economic and Business Consequences of the EMU
Publication Volume
Publication Issue
Publication Begin page
181
Publication End page
209
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Abstract
The creation of the European Monetary Union (EMU) fundamentally alters macro-economic policy-making in the eleven participating countries. The loss of the exchange rate instrument through the introduction of the single currency, the transfer of monetary sovereignty to the European Central Bank (ECB) and the budgetary discipline of the stability pact severely narrow the scope for governments that wish to address adverse economic shocks (see e.g. Bayoumi and Eichengreen (1992), Carporale (1993)). By lack of these familiar policy instruments, the focus is shifted towards wage adjustments as a means of coping with changing macro-economic conditions.
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Keywords
38 Economics, 3802 Econometrics, 3803 Economic Theory