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- W2268827391 abstract "European Economic and Monetary Union (EMU) amounts to more than just an exchange rate mechanism. It substitutes participating currencies with a single currency or, in other words, replaces several decision making authorities by a single one: the European Central Bank (ECB). Participating countries lose control over monetary policy and are no longer able to use exchange rate devaluation for adjusting productivity growth to globally competitive levels. The ECB is charged with maintaining price stability across the European Union (EU). Macroeconomic adjustment in member states will have to be based on greater labour flexibility and that is on the achievement of competitive labour unit costs. Adjustment, in other words, is expected from the European working class through higher labour productivity, wage restraint and ‘neo-liberal’ welfare reforms." @default.
- W2268827391 created "2016-06-24" @default.
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- W2268827391 date "2001-01-01" @default.
- W2268827391 modified "2023-09-26" @default.
- W2268827391 title "European Monetary Union: Ideology and Class" @default.
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- W2268827391 doi "https://doi.org/10.1057/9780333981290_4" @default.
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