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Unions, Central Banks, and EMU

Unions, Central Banks, and EMU

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Description
This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 199s, and into the first decade of EMU, this book analyzes how labour unionsand wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of thecontinent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as aresult, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at thebasis of the crisis of EMU.
Product details
Edition:
illustrated
Number of Pages:
148
Release Date:
2013-06-10
Publication Date:
2015-11-19
Publisher:
Oxford University Press (UK)
Languages:
Original: English
ISBN10:
0199662096
ISBN13:
9780199662098
Weight:
394 g
Height:
161 cm
Width:
240 cm
Thickness:
13 cm
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