We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
EU Labour Markets and Monetary Union.
- Authors
Jackman, Richard; Savouri, Savvas
- Abstract
How can European labour markets cope with a single currency? The single currency success story is the US, which has maintained low unemployment rates both in the country as a whole and in individual regions. But Richard Jackman and Savvas Savouri argue this has been achieved by massive migration of workers from depressed to prosperous areas. In Europe migration within countries is quite low and between countries essentially non-existent. Thus in Europe, unlike in the US, the adjustment to national or regional labour market shocks will depend on wage flexibility. Unhappily wages in Europe are not very flexible, particularly in conditions of low inflation, and the single currency may make them even less so. The prospect for depressed areas is thus bleak.
- Subjects
EUROPEAN Union countries; LABOR market; MONETARY unions; FOREIGN exchange rates
- Publication
Economic Outlook, 1998, Vol 22, Issue 3, p12
- ISSN
0140-489X
- Publication type
Article
- DOI
10.1111/1468-0319.00122