There is broad consensus that in the EMU labour market reforms are needed to improve countries’ competitiveness and their ability to adjust to shocks, e.g. by reducing wage rigidities, increasing labour supply and removing duality in the labour market. Since the onset of the crisis many reforms have been implemented, especially in those countries where labour markets were deemed most inflexible. The goal of the expert meeting was to take stock of recent reform experiences.
The first session of the meeting, chaired by governor Klaas Knot, focused on a broad set of reforms that have been undertaken in the EMU since the crisis and to outline the most important future priorities. Alessandro Turrini (EC) and Robert Anderton (ECB) provided introductions.
In the second session of the meeting, chaired by Alexander Rinnooy Kan, former president of the Social and Economic Council of the Netherlands, close attention was paid to the wage formation process. In several countries, bold reforms to the wage bargaining framework have been undertaken. Marcel Jansen (Universidad Autónoma de Madrid) and Pedro Portugal (Banco de Portugal) discussed recent experiences in Spain and Portugal, respectively.
Workshop summary by Jante Parlevliet and Anneli Perridon: link
Presentation session 1 Labour market reform – EC: link
Presentation session 1 Labour market reform – ECB: link
Presentation session 2 Wage bargaining Spain: link
Presentation session 2 Wage bargaining Portugal: link