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The Eurozone and financial integration: the employment relations issues
Author(s) -
Grahl John,
Teague Paul
Publication year - 2003
Publication title -
industrial relations journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.525
H-Index - 3
eISSN - 1468-2338
pISSN - 0019-8692
DOI - 10.1111/j.1468-2338.2003.00286.x
Subject(s) - economics , economic and monetary union , european union , financial integration , control (management) , member states , industrial relations , financial market , international economics , economic system , finance , management
Together the macroeconomic and financial attributes of monetary union are changing the rules governing the European economy. This paper assesses the consequences of these changes for employment relations in member states. The analysis focuses on three matters in particular. First, how labour market actors are responding to the fact that macroeconomic policies are not only out of their own control but may therefore fail to correspond to the needs of particular countries. Second, how employment relations are adapting to the new microeconomic challenges released by the move towards deeper financial integration inside the EU, which has its main impact on the structures of corporate finance and thus on corporate strategy. Finally the implications of both patterns of change for the EU employment policy are assessed to gauge the impact of monetary union on the European social model.