The single currency became a tangible reality for citizens with the entry into circulation of euro notes and coins. Nonetheless, without any other institutions of a federal kind, this centralisation of monetary policy raises a number of questions. This volume addresses one key aspect of the matter: what type of wage policy is best suited to a unified monetary area? After describing the past situation and present-day implications, it offers various hypotheses as to possible forms of wage policy at European level. The authors’ aim is to put forward a wide range of views, both as to what would be desirable in terms of economic efficiency and what appears likely in terms of the stakeholders and policies.
The second part of this book examines wage policy developments in five Member States (Germany, Belgium, Spain, Ireland and France) where the nature of wage co-ordination differs. It is also evident from recent developments in all of these countries that nothing is set in stone.
This publication, compiled by well-known experts in the field of industrial relations, explores the various possible scenarios and their consequences in respect of equity and efficiency.