Calmfors, Lars - CESifo - 2001
less wage moderation are likely to promote bargaining co-ordination and social pacts in the EMU. But such co-ordination is … decentralization and deunionisation. Although monetary unification will strengthen the incentives for higher-level transnational co-ordination … of wage bargaining, such a development is improbable because of the co-ordination costs involved. If transnational co-ordination …