CART

(0) items

Unions, Central Banks, and EMU : Labour Market Institutions and Monetary Integration in Europe,9780199662098
This item qualifies for
FREE SHIPPING!
FREE SHIPPING OVER $59!

Your order must be $59 or more, you must select US Postal Service Shipping as your shipping preference, and the "Group my items into as few shipments as possible" option when you place your order.

Bulk sales, PO's, Marketplace Items, eBooks, Apparel, and DVDs not included.

Unions, Central Banks, and EMU : Labour Market Institutions and Monetary Integration in Europe

by
ISBN13:

9780199662098

ISBN10:
0199662096
Format:
Hardcover
Pub. Date:
6/10/2013
Publisher(s):
Oxford University Press
List Price: $100.00

Buy New Textbook

Usually Ships in 3-5 Business Days
$97.50

Rent Textbook

We're Sorry
Sold Out

Used Textbook

We're Sorry
Sold Out

eTextbook

We're Sorry
Not Available

More New and Used
from Private Sellers
Starting at $24.75

Questions About This Book?

What version or edition is this?
This is the edition with a publication date of 6/10/2013.
What is included with this book?
  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.

Summary

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 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wagedetermination 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 the continent and withthe 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 a result, theircapacity 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 the basis of the crisisof EMU.


Please wait while the item is added to your cart...