Wyzwania w zakresie reform rynków pracy w krajach strefy euro jako konsekwencje kryzysu finansowego 2007-2009
Challenges for labour market reforms in the euro zone countries as consequences of financial crisis 2007-2009

Summary/Abstract: The article analyses the main areas of adjustments on the labour markets in the euro zone countries after the financial turmoil. There is a high level of diversity between the euro zone countries in the field of labor market flexibility. Nominal statutory wages, strong position of trade unions, as well as employment protection measures and low labour productivity impede adjustment processes in some of EMU economies. Countries which have undertaken reforms increasing the level of labour flexibility (like Germany) registered during the financial crisis lower unemployment rates and started to recover faster after 2009. This evidence confirms theoretical approach according to which economies with rigid mechanisms of labour market adjustments suffer more form shocks, especially when they are members of a monetary union.

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