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The Eurozone needs less heterogeneity

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  • André Sapir

Abstract

Misalignments of real exchange rates continue to be the most visible and painful symptom of asymmetric shocks within the Eurozone. An important factor behind such misalignment is the difference in national wage formation and bargaining systems, especially between core and periphery members. This column argues that all members need to have institutions that ensure wage developments are in line with productivity developments. This would eliminate an important source of asymmetric behaviour and reduce resistance to EZ-wide fiscal mechanisms capable of absorbing asymmetric shocks.

Suggested Citation

  • André Sapir, 2016. "The Eurozone needs less heterogeneity," ULB Institutional Repository 2013/231200, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/231200
    Note: SCOPUS: ar.j
    as

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