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<p>The adoption of the euro in 1999 represented the apex of an extensive, multi-decade endeavor aimed at fostering a unified economic zone across Europe. This development entailed progressive integration of the economic policies among member states, ultimately leading to the complete centralization of monetary policy. Such profound changes exert considerable influence on various dimensions of the labor markets within the participating nations. With the relinquishment of autonomous exchange rate policies, these countries faced the imperative to adopt alternative measures to restore and maintain international competitiveness. This study delves into the ramifications of this newly established institutional framework on a selection of European Union countries. Utilizing various approaches (including Sylos Labini’s analysis of productivity dynamics), we explore how the strategy of real wage moderation, employed as a mechanism to regain competitive edge on the global stage, emerges as a pivotal factor contributing to diminished productivity within these nations. Our conclusions underscore the intricate balance between wage policies and productivity, offering critical insights into the broader economic implications of the eurozone’s monetary unification.</p>

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European monetary integration and the labor market: wage moderation and productivity decline in the European Union

  • 期刊论文

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  • 发表日期：

    2026年6月1日

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  • Luigi Salvati,
  • Pasquale Tridico

摘要

The adoption of the euro in 1999 represented the apex of an extensive, multi-decade endeavor aimed at fostering a unified economic zone across Europe. This development entailed progressive integration of the economic policies among member states, ultimately leading to the complete centralization of monetary policy. Such profound changes exert considerable influence on various dimensions of the labor markets within the participating nations. With the relinquishment of autonomous exchange rate policies, these countries faced the imperative to adopt alternative measures to restore and maintain international competitiveness. This study delves into the ramifications of this newly established institutional framework on a selection of European Union countries. Utilizing various approaches (including Sylos Labini’s analysis of productivity dynamics), we explore how the strategy of real wage moderation, employed as a mechanism to regain competitive edge on the global stage, emerges as a pivotal factor contributing to diminished productivity within these nations. Our conclusions underscore the intricate balance between wage policies and productivity, offering critical insights into the broader economic implications of the eurozone’s monetary unification.