Substantial structural reforms have been taken on labour and product markets by stressed euro area countries since 2008 – more than is generally acknowledged in Germany. These reforms have the potential to raise the growth potential in the respective countries and to improve the functioning of EMU. In the context of the optimum currency area debate it is argued that structural reforms have reduced the heterogeneity between euro area countries in terms of market rigidities. Moreover, wage and price ﬂexibility – which are needed to better adjust to exogenous economic shocks – will be enhanced. In fact, ﬁrst signs can be detected that wage ﬂexibility has already increased in southern euro area countries.
With the Compendium CO2 Regulation in Europe, the IW has been providing the interested public with a comprehensive collection of data on the development of CO2 emissions from passenger car traffic in the European Union, as well as on the applicable regulatory ...
The European Union is facing one of its biggest crises since the financial crisis of 2008. The pandemic started in 2020 and led to a historical economic downturn in the second quarter of that year.