The Changing Role of the Labour Market within the EMU: the Case of Slovenia |
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Authors: | Marko Lah Tja?a Redek Andrej Su?jan |
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Institution: | (1) Faculty of Social Sciences, University of Ljubljana, Ljubljana, Slovenia;(2) Faculty of Economics, University of Ljubljana, Ljubljana, Slovenia |
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Abstract: | The paper conceptualizes changes in the labour market and suggests labour market policies/reforms after Slovenia has joined
the European Monetary Union. The loss of monetary sovereignty implies that in case of an external shock the labour market
is burdened by a large amount of the adjustment process. But to increase flexibility of the labour market requires politically
unpopular reforms. At the moment, Slovenia is faced with high inflation and a rigid labour market, which is also a key element
of its low competitiveness. The reforms were halted under the pressure of their unpopularity. The paper, although concentrating
on Slovenia, has general implications since the experiences of the newcomer to EMU are significant for other transition economies
which are expected to follow the same path.
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Keywords: | EMU Exogenous shock adjustment Labour market flexibility Slovenia |
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