Understanding EMU : the role of labour market institutions -- The other road to Maastricht : currency blocs, wage moderation, and social conflict -- The perils of coordination : wages and labour relations from the European Monetary System to EMU -- Diversity without unity : labour unions and...

Excessive fiscal spending is commonly cited as a primary cause of the current European sovereign debt crisis. We develop an alternative hypothesis which better accounts for systemic differences towards EMU countries' exposure to market speculation: the rise of competitiveness imbalances which...