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Restrictive Macroeconomic Policies and Unemployment in the European Union

  • Marc Lombard
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    This paper looks at the impact the European integration process has had on the unemployment level of European Union member countries. While the persistence of relatively high unemployment in Europe is often attributed to supply-side factors, such as the rigidities of the labour market, this study contends that the major cause for the rise of unemployment in the EU has been the very macroeconomic policies of the EU itself. The paper argues that the continuous pursuit of deflationary policies and the macroeconomic constraint imposed first by the membership of the European Monetary System and, secondly, by the convergence criteria of the Maastricht Treaty, have been the real impediments to reducing unemployment.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127481
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    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 12 (2000)
    Issue (Month): 3 ()
    Pages: 317-332

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    Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:317-332
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    1. Paul Krugman, 1994. "Past and prospective causes of high unemployment," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 23-43.
    2. Eisner, Robert, 1989. "Divergences of Measurement and Theory and Some Implications for Economic Policy," American Economic Review, American Economic Association, vol. 79(1), pages 1-13, March.
    3. Vickrey, William, 1992. "Meaningfully Defining Deficits and Debt," American Economic Review, American Economic Association, vol. 82(2), pages 305-10, May.
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