This paper argues that labor markets across Europe vary dramatically in their fundamental features and rigidities across Europe. Thus, any discussion of an optimum currency area should focus on the differences and the idiosyncratic changes in the labor markets. After demonstrating the vast...

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...