From convergence to crisis: labor markets and the instability of the Euro
What explains Eurozone member-states' divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston ar...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Ithaca ; London
Cornell University Press
[2016]
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| Series: | Cornell Studies in Money
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| Subjects: | |
| Online Access: | DE-859 DE-860 DE-473 DE-29 DE-739 DE-1046 DE-1043 DE-858 Volltext |
| Summary: | What explains Eurozone member-states' divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets |
| Item Description: | Description based on online resource; title from PDF title page (publisher's Web site, viewed May 02, 2017) |
| Physical Description: | 1 online resource |
| ISBN: | 9781501703775 |
| DOI: | 10.7591/9781501703775 |
Staff View
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| series2 | Cornell Studies in Money |
| spelling | Johnston, Alison 1982- Verfasser (DE-588)111450937X aut From convergence to crisis labor markets and the instability of the Euro Alison Johnston Ithaca ; London Cornell University Press [2016] © 2016 1 online resource txt rdacontent c rdamedia cr rdacarrier Cornell Studies in Money Description based on online resource; title from PDF title page (publisher's Web site, viewed May 02, 2017) What explains Eurozone member-states' divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets In English Europäische Union (DE-588)5098525-5 gnd rswk-swf Euro Financial crises European Union countries Labor market European Union countries Monetary policy European Union countries Finanzkrise (DE-588)7635855-0 gnd rswk-swf Arbeitsmarkt (DE-588)4002733-8 gnd rswk-swf Währungsunion (DE-588)4188829-7 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäische Union (DE-588)5098525-5 b Geldpolitik (DE-588)4019902-2 s Arbeitsmarkt (DE-588)4002733-8 s Finanzkrise (DE-588)7635855-0 s Währungsunion (DE-588)4188829-7 s 1\p DE-604 Erscheint auch als Print-Ausgabe 978-1-5017-0265-5 https://doi.org/10.7591/9781501703775 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Johnston, Alison 1982- From convergence to crisis labor markets and the instability of the Euro Europäische Union (DE-588)5098525-5 gnd Euro Financial crises European Union countries Labor market European Union countries Monetary policy European Union countries Finanzkrise (DE-588)7635855-0 gnd Arbeitsmarkt (DE-588)4002733-8 gnd Währungsunion (DE-588)4188829-7 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)7635855-0 (DE-588)4002733-8 (DE-588)4188829-7 (DE-588)4019902-2 |
| title | From convergence to crisis labor markets and the instability of the Euro |
| title_auth | From convergence to crisis labor markets and the instability of the Euro |
| title_exact_search | From convergence to crisis labor markets and the instability of the Euro |
| title_full | From convergence to crisis labor markets and the instability of the Euro Alison Johnston |
| title_fullStr | From convergence to crisis labor markets and the instability of the Euro Alison Johnston |
| title_full_unstemmed | From convergence to crisis labor markets and the instability of the Euro Alison Johnston |
| title_short | From convergence to crisis |
| title_sort | from convergence to crisis labor markets and the instability of the euro |
| title_sub | labor markets and the instability of the Euro |
| topic | Europäische Union (DE-588)5098525-5 gnd Euro Financial crises European Union countries Labor market European Union countries Monetary policy European Union countries Finanzkrise (DE-588)7635855-0 gnd Arbeitsmarkt (DE-588)4002733-8 gnd Währungsunion (DE-588)4188829-7 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Europäische Union Euro Financial crises European Union countries Labor market European Union countries Monetary policy European Union countries Finanzkrise Arbeitsmarkt Währungsunion Geldpolitik Europäische Union. Mitgliedsstaaten |
| url | https://doi.org/10.7591/9781501703775 |
| work_keys_str_mv | AT johnstonalison fromconvergencetocrisislabormarketsandtheinstabilityoftheeuro |