Macroeconomically oriented wage policies had largely gone out of fashion. Instead, the prevailing view was that wage setting is just another market process comparable to market processes in goods markets. However, these theoretical approaches ignore some fundamental aspects of wage setting. For...

Gaps in competitiveness, rooted in economic as well as in political factors, characterise postwar European economic history. The eurozone experience showed the emergence of large current account imbalances. The peculiar mixture of financial markets integration and national cycles in wages and...

The Broad Economic Policy Guidelines contain the answers of the European Commission and the governments of the EU-member countries to the European growth and employment problems. These guidelines have been the major EU-economic policy concept for around ten years now. They can be seen as a...