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At first glance, the collective wage bargaining process in Belgium, being carried at the national level, could be blamed for the persistent high unemployment rate in the Walloon Region, while a process per Region would lead to differentiated wage increases leading towards lower wages in the Walloon Region and therefore less unemployment. The paper shows that such a reasoning is too short as, when lower labor costs would be welcome in the Walloon Region to create more jobs, it is unlikely that the higher unemployment rate would lead towards wage moderation. In addition, regional bargaining could eventually backfire, through spillover effects on Social Security.