Crisis Responses, Competitiveness and Jobs

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Cover; Copyright; FOREWORD; CONTENTS; LIST OF FIGURES; LIST OF TABLES; LIST OF BOXES; LIST OF ABBREVIATIONS; EXECUTIVE SUMMARY; Chapter 1 The Euro crisis,competitiveness and the labour market; Introduction; Figure 1.1 Unemployment rates, 1990s, 2007, 2010, 2014; A. Competitiveness and labour markets; Figure 1.2 Labour productivity growth for regions and selected countries; Figure 1.3 Nominal ULC, productivity and labour compensation, average annual growth rate, 1999 - 2012 (percentages); Box 1.1 The ULC-REER; Figure 1.4 U LC-REER dynamics in selected countries, 1999-2013

Figure 1.5 Employment rate and Global Competitiveness Index (1 - lowest, 7 - highest)prior to the crisis (2007)Box 1.2 Correlation between average employment rate and GCI pillars; Table 1.1 Correlation between average employment rate and GCI pillars (2007):R egression results; Table 1.2 Employment rate developments in the EU-28 since the crisis; Figure 1.6 GCI (1 - lowest, 7 - highest) in 2007 and annual compounded growth rateof employment between 2007 and 2013; Figure 1.7 Simulation of unilateral wage compression in two-country GEL; Box 1.3 Wage moderation and demand

B. What led to the crisis?Figure 1.8 Current account of Eurozone 12 countries, 1999-2013; Figure 1.9 Decomposing current account into savings and investmentby sectors (2000-2007 average); Box 1.4 Neoclassical predictions on financial integration; Figure 1.10 Long-term harmonized interest rates, January 2008 to June 2014; Figure 1.11 Change in growth decomposition between 2000-2007and 2011-2013 (annual averages) (; Figure 1.12 Change in saving and investment contributions to current account; C. Focus of the report; References; Chapter 2 Competitiveness and jobs; Introduction

Box 2.1 Origins of the concept of competitiveness and modern useA. Concept of competitiveness; Figure 2.1 Prosperity gap between EU-15 and Japan, the United States and BRIICS,selected years, 1995 to 2013; Figure 2.2 Prosperity gap within EU economies, selected years, 1995-2013; Figure 2.3 Decomposition of prosperity growth by labour productivityand labour utilization growth, 2006 and 2009; Figure 2.4 Correlation between labour productivityand broader indicators of competitiveness (2013); Figure 2.5 Labour productivity growth (in Euros) in selected countries

Figure 2.6 Output per hour worked, EU-15 vs. United States, 2001-2013Box 2.2 Europe's persistent productivity gap with the United States; Figure 2.7 Growth of nominal ULC and GDP per capita, 2000-2012; Figure 2.8 Relationship between price competitiveness and trade balance, 2006-2012; Figure 2.9 Relationship between price competitiveness and export growth, 2006-2012; Figure 2.10 Nominal ULC in non-agricultural tradable sectors, 2000-2011; B. Broader concepts of competitiveness; Table 2.1 Overview of major competitiveness index frameworks

Table 2.2 Country rankings according to different measures of competitiveness (average 2006-2012)

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