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EMU and Labor Market Institutions in EuropeThe Rise and Fall of National Social PactsLondon School of Economics and Political Science
European University Institute During the 1990s, wage setting increasingly became coordinated in many Member States of the European Union (EU), often through new arrangements involving broad encompassing social pacts between employers, trade unions, and governments striking deals across policy areas from wages to social and employment policies. We argue that the different forms of institutional innovation in wage setting found in the EU depended on the combination of the character of external pressures and preexisting protoinstitutional structures in the labor market. The shifts in the institutions of wage-setting and macro-level labor market governance were directly related to shifts in macro-economic policy regimes, especially political-economic pressures associated with the advent of Economic and Monetary Union (EMU). Because these pressures were not symmetrically distributed across the different EMU candidates, both the urgency of the problems and responses they produced differed. Micro institutions conditioned the ability of countries to "embed’these new arrangements in stable rule-based governance structures.
Key Words: EMU • social pacts • varieties of capitalism • wage setting
Work and Occupations, Vol. 32, No. 2,
196-228 (2005) This article has been cited by other articles:
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