The Euro Plus Pact (notice n° 208063)
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|---|---|
| fixed length control field | 01809cam a2200229 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112052844.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Gabrisch, Hubert |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The Euro Plus Pact |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2014.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 12 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | The Euro Plus Pact was approved by 23 EU countries in March 2011. The Pact stipulates a range of quantitative targets meant to strengthen competitiveness and convergence with the ultimate aim of preventing the accumulation of unsustainable financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the short-term linkages between changes in the relative unit labour cost and changes in the current account balance. The sample consists of data for 27 EU countries for the period 1995–2012. The main finding is that changes in the current account balance precedes changes in relative unit labour costs, while there is no discernable effect in the opposite direction. This suggests that the divergence in the unit labour cost between the countries in Northern Europe and countries in Southern and Central and Eastern Europe prior to the global financial crisis partly was the result of capital flows from the core of Europe to its periphery. The results also suggest that measures in the Euro Plus Pact to restrain unit labour costs may not have immediate effects on possible current account imbalances. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | policy coordination |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | economic crisis |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | current account imbalances |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | European integration |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | unit labour costs |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Staehr, Karsten |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue de l'OFCE | o 132 | 1 | 2014-01-01 | p. 287-325 | 1265-9576 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-de-l-ofce-2014-1-page-287?lang=en">https://shs.cairn.info/journal-revue-de-l-ofce-2014-1-page-287?lang=en</a> |
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