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This article aims to figure out what an “optimum wage rule” for the euro area might look like. An optimal wage regime should be able to offer a way out of the crisis other than internal devaluation, with its recessionary effects and its encouragement of gaps between countries. With the notable exception of Germany, prior to the crisis, wage regimes provided wage progressions that showed little difference between sheltered and exposed sectors. However, wage regimes were far from optimal, and since the crisis, the general trend has been to move away from an optimal wage regime and the rather homogeneous wage increases across sectors that were seen in most countries. We argue that any progress toward an optimum wage rule requires a clear recognition of the incompleteness of the European project, and the implementation of economic policies aimed both at enforcing balanced wage regimes and ensuring a better production convergence.