develop an alternative hypothesis which better accounts for systemic differences towards EMU countries’ exposure to market … in the surplus countries provided them with a comparative wage advantage vis-à-vis EMU’s debtor nations, explaining why … the EMU core has emerged relatively unscathed from market speculation during the crisis despite that fact that some of …

Euro-zone countries is an unintended result of the institutional shift towards European Economic and Monetary Union (EMU …). During the 1980s and 1990s, differences in wage inflation between the manufacturing and public sector within most EMU …

seems to double or triple, that is, to increase by 100-200%. After the advent of EMU in 1999, Micco, Ordoñez and Stein and …

There is a widespread perception among the public and policy-makers that EMU carries one-way pressures for enhanced … establishment of the common currency and the functioning of EMU can impact on the labour markets, both within the Eurozone and of … the New Member States. We argue that the theory and empirics of the link between EMU and labour market flexibility are not …