The Legal Framework for New Economic Governance and its Implications for Wage Policy Learning

摘要: This chapter examines the implications of new European economic governance framework from a policy-learning point view. It is argued that form EU learning influence has emerged in wake EMU legal and institutional crisis. The author takes view an inherent asymmetry EMU, namely presence unified monetary policy without commensurate coordination social wage-setting mechanisms, contributed to development latent consequences this flaw—diverging (wage) growth cost competitiveness—were brought into full when global financial crisis struck. In response, wage instruments were established order exert pressure on systems EU. substantive orientation examined with eye determining whether it qualifies as process under which spending cuts supplant role currency depreciation means addressing external shocks competitiveness gaps. Finally, drawing recent findings concerning workings ‘European Semester’, assesses reforms are already generating outcomes at domestic level.