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Executive Summary

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Disciplines
  • Economics
  • Law
  • Political Science

Abstract

untitled EEAG Report3 Summary EXECUTIVE SUMMARY This report is the third annual report by the European Advisory Group at CESifo. It includes five chapters, each addressing a set of emerging pol- icy issues in the euro area and in the European Union as a whole. The executive summary provides a brief synopsis of the report and presents the main conclusions of the group as regards both analysis and policy proposals. The first chapter discusses the current economic situ- ation and the future outlook for Europe stressing the cause and implications of a strong euro as well as the need for a common fiscal framework through an improvement of the Stability and Growth Pact. The second chapter discusses the political constraints that prevent governments from implementing labour market reforms and identifies factors and conditions that, in the current situations could soften political opposition. In addition, it analyses alternative poli- cies that are effective in reducing unemployment, while encountering much less opposition than labour market reforms. The third chapter analyses current pay-setting arrangements in Europe as well as the prospect of reform. It reviews the positive experience of many small European countries that have achieved real wage moderation through co-ordinated collective bargaining as well as the experience of countries where the achievements of collective bargaining are arguably much less positive. In either case, European countries would benefit from more diversity in rela- tive wages. The fourth chapter reviews some aspects of the new draft constitution for the European Union, pointing to possible undesirable consequences from including non-discrimination as a general rule in the European constitution. The fifth chapter presents a “primer” on the ten new members of the EU starting in May 2004. It sum- marises the income and structural differences between them and the old members of the EU and ana

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