At its 10th anniversary the EMU had to stand the baptism of fire caused by the „Great Recession“ 2009. By and large it mastered this test. The introduction of the Euro, however, has brought to light the latent weaknesses in competitiveness of some member states of the Euro area, consisting...

Advanced industrial countries have been exhibiting a steady decline of the labor income shares in the last two decades. We explain this phenomenon by resorting to the old Stolper-Samuelson theorem. The conclusions concerning the impact of free trade on the income distribution are unambiguous in...