EMU Challenges European Labor Markets

Author: Christiane Krieger-Boden, Dirk Dohse, and Rüdiger Soltwedel

This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem within EMU member countries, requiring structural reforms to enhance labor market flexibility but also a decentralization of competencies and greater diversity of labor market outcomes. Any attempt to successfully reform European labor markets and "make them fit for EMU" has to take into account the regional-and even a more decentralized firm-perspective.

Volume/Issue: Volume 1999 Issue 131

Publication date: September 1999

ISBN: 9781451855265

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Topics covered in this book

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Business and Economics , Exports and Imports , Labor , WP , business organization , wage flexibility , formation system , wage policy , collective bargaining , EU member states , indexation mechanism , European monetary union , regional labor markets , adjustment to shocks , shaping pay system , single currency , wage indexation mechanism , branch wage agreement , wage-bargaining system , labor market flexibility , wage equalization , wage dumping , wage formation process , EU member government , pay system , Labor markets , Unemployment , Monetary unions , Employment , Europe

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Summary

This paper discusses the challenges that European Monetary Union (EMU) poses for European labor markets, emphasizing in particular the regional dimension of the European unemployment problem. The authors argue that the inability of labor markets to adjust to shocks is largely a regional problem within EMU member countries, requiring structural reforms to enhance labor market flexibility but also a decentralization of competencies and greater diversity of labor market outcomes. Any attempt to successfully reform European labor markets and “make them fit for EMU” has to take into account the regional–and even a more decentralized firm–perspective.