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EUROPEAN ECONOMY Economic and Financial Affairs ISSN 2443-8022 (online) Frank Vandenbroucke DISCUSSION PAPER 065 | JULY 2017 Structural Convergence vs Systems Competition: Limits to the Diversity of Labour Market Policies in EMU FELLOWSHIP INITIATIVE “Challenges Integrated Markets” Fellowship Initiative Papers are written by external experts commissioned write research papers retaining complete academic independence contributing discussion on economic policy stimulating debate The views expressed this document therefore solely those author(s) do not necessarily represent official European Commission Authorised for publication Mary Veronica Tovšak Pleterski Director Investment Growth Reforms DG ECFIN’s 2016-2017 “Challenges integrated markets” culminates comes a successful conclusion with fellows’ contributed our Discussion paper series Against background increasing strains integration at both global level has brought together group outstanding scholars re-examine challenges current juncture explore options address these discursive interaction process between fellows services themes have spanned broad area including topics political economy globalisation issues macroeconomic making zero lower interest rate bound market least view deepening LEGAL NOTICE Neither nor any person acting its behalf may be held responsible use which made information contained or errors despite careful preparation checking appear This exists English only can downloaded from https://ec europa eu/info/publications/economic-and-financial-affairs-publications_en Europe Direct is service help you find answers your questions about Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) given free as most calls (though some operators phone boxes hotels charge you) More available http://europa eu Luxembourg: Publications Office KC-BD-17-065-EN-N KC-BD-17-065-EN-C (print) ISBN 978-92-79-64921-9 978-92-79-64922-6 doi:10 2765/38194 2765/465156 © Reproduction authorised provided source acknowledged For reproduction photos other material that under EU copyright permission must sought directly holders Directorate-General versus Competition Monetary Abstract executive summary Does monetary union it impose limits diversity labour policies institutions member states? I argue one should overstretch functionalist arguments matter; problem hand challenge identify common standards rules functionally relevant (taking board combination what wellfunctioning requires) legitimate shared aspirations across states What ‘needed’ ‘imposed’ unification depends fundamental drive project large Already 1990s reform markets was justified advent Employment Strategy emphasised supply-side flexibility: an agenda flexible interwoven investment individual opportunities development ‘enabling’ essay develops broader argument: sustain serves EU’s we need consensus support symmetry stability Therefore collective action ‘protective’ order Enabling protective mutually reinforcing creating resilient social systems With regard deliver wage coordination; cohabiting since excludes totally decentralised uncoordinated bargaining Institutions monitor competitiveness embedded dialogue distributive concerns mainstreamed monitoring Mainstreaming into makes ‘assignment’ national partners complex challenging but such encompassing approach stand better chance achieve legitimacy Simultaneously avoid interfering details argument raises existential question unions employers’ organisations Europe: they commit themselves coordination dual perspective fair distribution? Paper concern entails cluster principles effective stabilisation capacity each state: sufficiently generous unemployment benefits notably shortterm; sufficient coverage rates benefit schemes; no segmentation leaves part force poorly insured against unemployment; proliferation employment relations insurance; activation unemployed individuals; constitution budgetary buffers good times so automatic stabilisers their work bad These become fortiori imperative quid pro quo if Eurozone would equipped reinsurance insurance systems; even without figure Eurozone’s draw comparison vaccination make point In addition competitive goods cross-border mobility turn corollary Next regulation posting minimum regimes transparent predictable universal reinforces case total decentralisation Also legacy Viking judgment Court Justice clarified An upshot carefully distinguish (i) ‘social corollary’ (ii) Single Market; partly overlap also different Moreover exhausted consider logical corollaries Reflection Social Dimension April insufficiently clear JEL Classification: E02 J38 J88 J65 O52 Keywords: movement Acknowledgements: like thank Jonathan Zeitlin Anton Hemerijck Sjoerd Feenstra André Sapir Georg Fischer Jozef Pacolet ECFIN staff criticism comments exchanges previous versions Contact: Professor University Amsterdam; f i g vandenbroucke@uva nl CONTENTS 1 diversity: Bridging 5 2 A heart 3 Fundamentals multiple equilibria: 4 visible hand: Wage 12 possible way forward; mainstreaming 15 Risk reduction risk sharing moral hazard: metaphor 21 Enhancing responsiveness 26 Posting workers adjustment mechanism: proper 29 wider dimension 32 Conclusion: Policy pointers fundamentally 33 REFERENCES 37 LIST OF FIGURES Figure countries 2000-2004 2010-2014 16 Nominal unit costs (adjusted) share Germany Netherlands Spain Italy 19 Effective short-term 25 Net replacement after months Fundamental features beneficial 27 2a Strictness protection dismissals regular contracts 28 2b temporary CONVERGENCE AND DIVERSITY: BRIDGING FUNCTIONALIST ARGUMENTS ASPIRATIONS We cherish welfare states: reflects preferences rooted history culture; allows healthy dose ‘systems competition’ mutual learning On backdrop general focus specific question: agree Union? expression ‘common standards’ precise meaning; discussing objectives outcomes poverty; set constraints inputs generosity wages Common create procedural similarities Thus direct impact They define areas evidence-based analysis past yielded ‘what works’ competition excluded basic consists ten sections section contextualises ‘limits-to-diversity’ preliminary considerations how abstracto; currency second reconnect inspiration founding fathers combine pull directions incompatible sets scene proposals developed Sections coordination: why needed sixth considers consequences risk-reduction risk-sharing scenarios accommodated Section discusses role flexibility next necessary balance freedom principle ‘posting’ workers: efficient well-regulated; suggested Market: different; limited implemented briefly difficulty conclude summarising based return central theme first section: ‘limits social-model diversity’ cannot functionalist; deeply addressed new emphasis (launched 1997) did call harmonisation But aim guidelines convergence markets; orientation thereby ‘flexicurity’ Flexicurity among upshots guarantee aftermath financial crisis functioning gained momentum circles called ‘structural reform’ structural became pivotal concepts Five Presidents’ Report Completing Europe’s See Pochet (2005) Rhodes (2015) moreover intimately linked report: “Sustainable requires come heading reforms’ e reforms geared modernising economies more growth jobs That means product stronger public ” sees condition sine qua non via fiscal euro developing risksharing binding explicit useful quote length: “[A process] achieved agreeing high-level defined legislation sovereignty over strong decision-making established will involve further where lead similarly performance mean finding countryspecific solutions primarily business environment administrations well certain aspects tax (e corporate base) presented proposal Pillar Rights: “20 key rights well-functioning (…) designed compass renewed upward towards working living conditions Europe” fact “primarily conceived applicable all wishing it” signals same idea: limit models Some simply too ‘variety capitalisms’ Finland intrinsically ill-fated project; solution put end Hence there Council (2017b); quotations press release accompanying Among analysing capitalism Scharpf (2016) disintegrated Scharpf’s refer authors whose (in various degrees) congenial ‘varieties capitalism’ paradigm Johnston Hancké Regan Carlin Boltho originally proposed Hall Soskice (2001) Space forbids in-depth literature understanding explained (2012 2014) Hassel (2014) (2014 p 1226) summarises follows: side ‘Coordinated Economies’ ‘northern’ operating export-led built high levels sophisticated vocational training inter-firm operate collaborative intra-firm relationships promote continuous innovation quality control include Belgium Austria Another ‘southern’ described ‘Mixed apart periodic pacts’ difficult coordinate because trade relatively vie another allegiance workforce right negotiate bargains Employer associations sometimes coordinated were less institutionalised than northern counterparts schemes variations sectors Greece Portugal argues vein “two kinds entered removed mechanisms vis-à-vis foreign depreciation gave governments mixed access cheap credit Because rested compensation state used resources compensate losers closer explains lack trust basis: “Understanding [this] helps explain Southern particularly vulnerable exploding debt makers persistently preferred austerity mutualisation compensatory mixed-market undermines effectiveness bail-outs strategies However shows hard indicators ‘compensation’ feature economies; data idea Liberal Economies Coordinated Mixed hand; France displays several while diminished significantly many beginning 1990s; cf below pessimistic version optimistic (or rather ‘voluntarist’) subscribe thesis: interpretation differences states’ static deterministic (see footnote 4) does institutional constitute important obstacles Recently radically thesis been formulated Schelkle (2017) theories international sharing: contrary creates already inconspicuous area: yet potential cooperation offers exploited paradox: diverse larger gains pooling realise politically justice Schelkle’s subtle (note 40) date back long before run-up When launched 1980s people – president Jacques Delors believed had Setting promoting wanted inevitably extent existing regulations turned out partial weaker proponents hoped exercise soul-searching personal note attached it: whether organise degree exercised me lot when able contribute colleagues academia implementation Open Method Coordination (a methodology time seen innovative accommodate whilst pursuing objectives) Have formulate solid doctrine conundrum basis experience gathered years? am defender seems answer limits-to-diversity matter ‘hard science’: provide policy-makers clear-cut unambiguous beyond reasonable doubt obvious reason scientific evidence yield opinion divided predicament remedied forces adopt (sound) eclecticism: think B C carry weight definitive assessment relative strength predict changed ‘Varieties criticized (among others) Crouch Herrigel empirical grounds (the classifications applied simple) meta-theoretical Its functionalism produces “models embodying heavily determined logics path dependencies” precludes existence “functional equivalents” “alternative ways producing similar outcomes” (Crouch 2005 63 65) It develop account system change structuralist negligence actor creativity (Herrigel 2010) Whilst insights helpful highlighting ‘institutional assets’ weaknesses southern 3) path-dependency prevents evolving aims evolution constituting There equivalent “institutional complementarities” preclude emergence (as contend) concluding ‘intrusive’ terms micro-governance heterodox could allowed dominant discourse today found Chalmers Jachtenfuchs Joerges Bronk Jacoby (2013) (1999; 2002) circumstances future safest bet compatible rationales flavor: examines ‘spill-over’ unification; triggered functional needs try assess framed irresistible imperatives Analytically impasse possibility equivalents realm ‘re-combinations’ As (2005 pp 61-68) kind impossible understand change: applying embody “heavily dependences” societies being constituted active human agents identities interests shift power compromises Politically ‘there-is-no-alternative’ discourses counterproductive My original purpose choice Innerarity puts ‘Politics conditional liberty choices midst Politics always context within frameworks EU’ Affirming ‘functional necessity’ dictated earlier decisions precluding alternative weak argument; saying attractive supports Summarising (limiting Union) (possibly incompatible) (given aspirations) words focusses dissociated exhaust sound unrelated reference Commission’s Europe8 MONETARY UNION AT THE HEART PROJECT abstracto: serve ambitions who prepared Treaty Rome convinced prosperous leaving essentially optimistically assumed growing cohesion reached supranational instruments raising standard (which later ‘economic territorial’ policy) organised boost convergence; domestic redistribute fruits progress remaining (2017c) prerogative essence confined security mobile citizens non-discrimination Act 1986 game-changer: internal implied step capital To prevent regression pan-European floor might operational ‘hard’ emerge main exception developments health safety place Dialogue launched; opinions delivered diverge say produced tangible results sure 60 years piecemeal acquis encompasses shifted impressive body anti-discrimination redistributive education remained theory firmly anchored Nevertheless hindsight proven wrong belief until mid-2000s: led advanced signs large-scale dumping absence speak (admittedly exceptions work) seemed contradiction market-driven mid-2000s witness inequality outbreak 2008 divergence us reconsider enlarged union: flourishing ‘welfare ‘union’ formulating happenstance First aspire Member States whatever tradition core modern prosperity sustaining providing volatility incomes helping individuals supporting created varying degrees success periods stress individuals: mitigating income reducing go goals poverty alleviation synonymous served types (progressive taxation benefits) If aspiration Secondly form federal foreseeable instance language Below cost divergences; rely invisible Such exist true federations areas) United Why then Europe? Euro them intrusive sensitive domains (such setting) attachment own country scale migration mechanism owe Wolff never budget redistributes massive depressed Admittedly constellation unchartered territory Can viable light large? believe ‘visible hand’ symmetrical guidance ‘invisible pressures (iii) (some) policy-domains presupposes model inspires referred often asserted exclude protectionist devaluations elaborate upon assertions except affirm ingredient sustainability alongside setting playing field) qualitatively overlap: thrive parcel FUNDAMENTALS MULTIPLE EQUILIBRIA: COMBINATION Mainstream drawbacks trade-offs members confronted trade-off Symmetry refers movements output prices Flexibility relates interregional determine country’s so-called asymmetric shock Less necessitates according ‘optimal areas’: single greater required adaptability trade-off: absorbing shocks through transfers reduced Over last few learned traditional textbook description insufficient Design failures inherently unstable fragile abstracto examine went actually during decade conflicting this: fundamentalist distinguished multiple-equilibria widening bond yields witnessed 2010 reflect serious deterioration countries’ fundamentals Saka et al (2010) camp profligacy accounts deficits surpluses diverging discarding special much compelling Many published contends function optimally equilibrium experiencing major observation lends itself devilish effects self-fulfilling dynamics De Grauwe’s fragility hypothesis Advocates deny sensitivity fundamentals: whole story Jones’ illustrates latter type position: Jones divergences root cause hit others; explanation grounded (badly regulated) 13 contrast Carlin’s ‘asymmetric shocks’ behaviour’ domain formation section) former crux 14 read radical (divergences ‘fundamentals’ mayhem adequately macroprudential sphere) emphasises beneficial; her propose take ‘fundamentalist’ ‘multiple-equilibria argument’ acknowledging debatable; constitutes departure policy-making deliberation Both signal design union; combined matters Grauwe neatly two failures: “On booms busts continued occur probably intensified very stripping away lender resort liquidity crises ”15 price crucial imbalance fundamentals) closely failure persistence intensification level) instability fully-fledged Banking (Jones exemplifies position see Schelkle); rehearse here link dimension; granted priority follow (including sphere macro-economic Pant present succinct survey distinguishing ‘fiscal position’ ‘competitiveness (2011) Erik 2014 2016) account; regime reasons; reach varieties ‘co-ordination robust demand economies’ ‘would require ECB insight NEED FOR AN EFFECTIVE VISIBLE HAND: WAGE BARGAINING COORDINATION intensify thus competitiveness? And hand? driver effect threefold: three ‘channels adjustment’: channel real exchange channel) distribution changes trading higher inflation reduces leads deteriorating balance; dampens activity inflationary pressure; classical channel’ relies fully underscores importance completing increase enhance considered stabilise however channels impede counter-balancing twice ‘real Higher booming reduce interest-rates (since nominal stimulate credit-driven consumption investment: boom reinforced Ederer Reschenhofer third ‘income unconventional Different productivity result divergent patterns rising stimulates deteriorate balances counteracts tends destabilise expect theoretical 17 practice stimulated amplified high-growth high-inflation rapidly expanding imports Contrarily lowgrowth low-inflation restricted export caused substantial Obviously pure difference Countries conscious (compared countries) thanks acts preventative industrial provides wage-setting consistent sustainable balance: either speculative Before decreased five) likely restrained private consequently weakened explanatory factor evolutions period add ‘golden rule’ stabilizing profits ‘pattern bargaining’ negotiations taken exposed sector ‘peak coordination’ all-encompassing Within seem split Benelux lower-tier settlements produce increases maintaining 18 Pursuing competitiveness: sheltered manufacturing arrangements preceded banks check; invites imbalances econometric ‘rigid’ centralised best weathered transition 20 Corporatism emerges advantage ironic insistence (I nuanced open-ended conclusions: scope ‘silver bullet’ negative positive maintain count perform worse compared structures resonating length Crouch: powerful defy logic 22 Recent Eurofound centralisation asset 23 Eurofound’s interesting distinction measured costs) (for key) finds characterised associated costs; exceeds sorts company- local-level unaffected positively influenced company moderation strategy medium term improving study suggests favoured wage-bargaining keeping findings suggest company-level 24 395; Traxler Brandl formation; (2012) (2009); 99 aware quantitatively Their “could shed factors shape outcomes: actors informal convictions long-term visions name (Eurofound 2015 Executive Summary 2) caveat viz-à-viz plea bargaining: objective achieving pay average concludes “introducing elements complement higher-level profitable firms great overall aimed aggregate ”25 substitute per se: rule guarantees preventing excessive argued drivers half 2000s recognise Annual Survey recommendation although message remains fairly vague terms; recommendations sense little developments? Watt proposes costs: grow equal sum medium-run plus allowance authority According implementing golden strengthening Macroeconomic envisages ‘grand bargain’ whereby (trade employers decision makers) interactions variety traditions highly implies countries: simultaneously ‘ideal’ template suit histories cultures Second straightforward responsibility wages; notion ‘rule’ expected Thillaye discuss risks Ibidem “Member line practices delivering job creation adjust erosion modest discourage skills distort incentives resource reallocation value added hinder (European 2016 11) starting indicated formula deficit surplus bring be: equals target bank plus/minus correction surplus/deficit points sensible apply (i cuts) cumulative deflation opposed disinflation) Koll dialogue-based Watt’s package Watt’ Stability Pact se Horn Lindner Tober Ireland restrictive obligation SGP At sluggishly prevented one-sided stimulus (Horn 6) difficulties implies; 30 ‘soft guidance’ strengthened 31 Implementing easier simpler tackle deal symmetric Macro- Imbalances Procedure modifying burden) my option diminish cooperative institutions? nutshell boils down following: producers keep losing import incur persistent current-account poor bankruptcy unless accumulating financed flows becomes unsustainable adequate banking accumulation bluntly ‘nice have’ ‘necessary’ accept odds mission following understood motivated ambition pursue POSSIBLE WAY FORWARD: MAINSTREAMING DISTRIBUTIVE CONCERNS IN MONITORING COMPETIVENESS pursued shown Visser illustrated Euro-Plus March 2011 supervisory ‘Six Pack’ governance adopted October Memoranda Understanding troika receiving assistance invariably direction weaken multi-employer units respect autonomy W usual disclaimer applies richness Source: selected Table Note: ranked (5) low (1) distinguishing: issuing (by agreement government these) ceiling maximum/minimum (=5); norms issued association (=4); negotiation (and conflict mediation) procedures lower-level bargainers (=3); examples (=2); none above (=1) Averages calculated ICTWSS database consequence disappeared hardest recession Great Recession sharpened divide smaller cohesive ‘markets policies’ divisive Is course synergy Eurozone? precisely institutionalise sketched ‘delivery’ imposing uniformity inspired Belgian experience; revisit 34 “All euro-area competitiveness-monitoring framework involving assessments definition problems example introduced 1996 preserve regularly reports fix norm round Although amounts non-binding guideline generally respected fail 0 BE IE FI NL SI GR DE ES IT LU FR PT SK EE LV LT legally worked well: kept untouched existed prior behaviour membership exactly copied typically ensure outcome councils recommend Eurosystem Competitiveness (ECC) consisting ECC’s primary task actions fixes significant and/or others fails corrective using MIP Semester change; Wolff’s deviations monitored corrected entrenched explicitly symmetric: addresses entail Two dialogue: assessed Economische Raad voor het Bedrijfsleven/Conseil Central de l’Economie; institution represents game ‘authority’ procedure related 35 operates shadow hierarchy: competiveness benchmark l’Economie June followed up ‘Competitiveness Authorities’ Authorities harmonise borders: “Based State decide exact set-up Authority National continue play follow-up report Recommendation requiring establish Boards boards to: competitors; ii inform information; iii advice field competitiveness; iv Country Specific Recommendations softened initial differs Sapir-Wolff proposal: putting independent moment writing legislating (further) constrains opposition jeopardizing minor controversies) functioned now Despite softer touch Report) criticised ETUC: instantiating attempts squeeze threat fear Committee 36 intractable How progress? strategic clearly embed processes strive ownership non-existent level; diminishing unthinkable reinforce exist? Looking efforts constrain ask: still invested corporatist sort (limited) tolerably well? medium-term credibility indexed indexing indeed debatable well-known pro’s con’s leave Maintaining ‘cost’ negotiators: episodes correct (notably oil prices) actual revised ‘insurance mechanism’ premium negotiators compromise nevertheless run bother level? introduce populism Buti Pichelmann “mainstream distributional designs”37; certainly his list practical combat late Atkinson included start ‘national conversation distribution’:38 Atkinson’s goes (it decline UK Suppose ask eye assignment: differ adjusted constant stances short maintenance complexity “The left interference outside guaranteed situation relation aligning ECB’s neutral fostered awareness giving rise 38 153-154 relevance ‘dual’ red indicates 2% year target); blue green (blue line) (green (more GDP growth); index 100 2002 show (hypothetical) assignment asked increased ECB’s declining complex: crisis; 40 80 120 140 2003 2004 2006 2007 2009 2012 2013 ULC Real AMECO; defines engage oriented dialogues targets yardstick assessing increase; ‘distributive’ constraint avoidance considerable leeway credible mid-term commitment ‘shadow hierarchy’ deliver) foreseen architecture builds states; reaching obtain ‘moderation’ ‘expansion’ (wage increases) Eurozone-wide Whether authorities bear 39 reluctant perceive encroaching give ‘unrestrained autonomy’ off societal downturns particular everywhere strike tactical mind survival inclusion RISK REDUCTION SHARING MORAL HAZARD: VACCINATION METAPHOR strand focussing Capital Fiscal union’ unions: centralise management opt downright (like Canada Germany) streamline really US insurance) rational reasons enhances resilience idiosyncratic se): externality; properly insures ongoing Nederlandsche Bank Dutch bank) Centraal Planbureau planning office) accelerate Financieel Dagblad remarks precarious demands (FD contains functions TARGET2 Optimal Currency Area theory) interdependencies additional longer housing urban planning) She feedback loops she warns steps generate tensions due hazard “[t]here opportunity sharing” (Schelkle loc 7427 Kindle e-book) ‘vaccination’ recognizes raise stabilizers; progressive schedule (loc 2675) contend (towards stabilizers states) unclear ‘diversity’ performing neighbours comparable vaccination: vaccines archetypal externalities: vaccine protect infectious diseases get purely efficiency subsidise compulsory analogy ‘compulsory vaccination’ subsidisation Prima facie suffices externalities supposed underprovision (our metaphorical vaccine) Since fluctuations salient “costly” 41 “contagion” “vaccination” requirements Which mandatory apply? From prudence requirement: accumulate ability downturn precondition; endogenous smooth Automatic size spending: bill inertia-effect So pension spending act instrument insurance: kicks lose crucially matter) shock’)42 Dolls zoom focusing progressivity issue widely unemployed) programme (short-term) participating Do cover employees groups remain uninsured traditionally stabilising country)?43 Are enough 1930s initiatives action; Simonetta Luigjes 42 (2012b); shock; (2012a) 43 ratio six; systematic Esser inactivity traps? metaphoric camel’s nose: shock-absorber Poor hysteresis resilience… ‘vaccination programme’ preceding drawing premised coincidence subsidised learns optimal associate (granting subsidy high) qualities ‘vaccine’ affordable) device fullyfledged illusion small organised? linking 44 imply fund disburses money affected consortium Centre Studies (CEPS) examined variants Unemployment Benefit Scheme 45 genuine complements underestimated scheme permanent favour redistribution instantiate covering affect meet implement takes ‘reinsurance’ Reinsurance mitigate below); complicated 46 rationale simple: prevention cure solidarity came intergovernmental Solidarity ex ante fabric occurred post Organising repeated ad-hoc burden conditionality easily polarisation electorates Ex expensive Bablevy Oksanen suggestions comprehensive bibliography Strauss http://ec eu/social/main jsp?catId=738&langId=en&pubId=7959 (2017 158 14) instability: swings driven expectations expectation doing severe ‘private mechanisms’ complementary ‘public International prone panics ‘sudden stops’ cushion recent IMF Eurozone: devices: ‘private’ ‘public’ inter-state 47 complementarity hitting American urgent solutions: x postpone discussion: day concurrent formidable socio-economic sufficient: reinforcing) self-evident organising ‘lax’ (re)employment generates obsessed Moral unavoidable you’re want eliminate faintest you’ll reap dismissive minimise deviates historic (national) profile long-lasting don’t High thresholds intervention intervenes (very profile) ‘Experience rating’ beneficiary 48 stringent though essential establishing states’ room somewhat intention state; endeavour considering managed Allard (2015); Furceri D Zdziencicka Experience rating ensures pay-in depending employers: finance companies laid volatile requested contribution provinces regions municipalities look Switzerland detailed implicit politics wide range financing etc 49 Ever 1997 ‘coordination’ Youth Guarantee connected assurance regarding ‘soft’ underpin trigger ambitious bite: Binding commitments differentiation concrete policies: complied elaborated detail homogeneous intrinsic Rights fields allow follows trends 2009) reductions dispersion 50 Figures display Selected Chart compare eight accountable 68-69 0% 10% 20% 30% 40% 50% 60% 70% 80% CY EL MT Source 65 ENHANCING RESPONSIVENESS MARKETS facilitate opening deregulating closed professions tape improve 51 channel; auf dem Brink Enderlein “reforms plant-level react upswings portability recognition” 52 mentioned Areas qualification analysis: nature Ji cycle 53 deliberately ‘eclectic’ 54 capital? container concept: ‘high road’ predominantly organisation ‘low mere deregulation sight Brinke (2017); easy ‘ready’ 100% irrelevant noted equally detrimental discipline qualifies den ‘wage plant level’ paragraph forms reliance non-standard coverage) reconcile well-organised advantages 55 coherent road to) facilitates responses (iv) benefits): intersection four Venn diagram counsel fulfilled agrees ‘degrees freedom’ generosity; limitations delineate Countouris Freedland reconsidered; chapter volume Capacity Stabilisation: Activation ‘adaptability’ quantitative ample adaptable parameters contextualisation 56 OECD Protection Legislation (EPL) (with France) EPL top-down steering (crude) promising Database indicator eprc_v2) cope cyclical Kurzarbeit unemployment’ AUT IRL ept_v1) POSTING WORKERS AS ADJUSTMENT MECHANISM: PROPER REGULATION crossborder discussed elsewhere 57 cornerstone Free (amongst principles) reside discriminate citizenship residing nationality delivery) well-balanced Posting58 controversial widespread feelings disruptive phenomena 58 ‘posted worker’ employee sent employer Posted host temporarily integrate contract recognised Commission; forward Commissioner Thyssen 59 Notwithstanding militate having regime; market: projects employed affiliated fits cushioning worker moves permanently (residing A) maximal posted immediately revenue seeking stylised counterfactual socially economically Imagine construct (say categories low-skilled workers) nondiscrimination application safeguard dumping; sending prevailing B; Limiting implies) allowing unfair full dynamic dumping: ‘non-dumping’ prefer option) unavailable ill-guided valuable home (‘sending’) entitled treatment nationals Press Release (http://europa eu/rapid/press-release_IP-16-466_en htm) resistance leading ‘yellow card’ settled Wispelaere persons provision services; hence uphold Sweden resisted wages: no-go subsidiarity Laval Justice61 unsustainable: imposed legal providers positions respective roles nationwide local Denmark reaffirm action: agreements enforced correspond Workers Directive 62 Swedish Danish concept plausible too: Together judgment64 establishment) merely requirement ‘predictability’ provisions Prior attempted settlement largely law deployed techniques (hierarchically superior) vigour ‘restriction’ breach foot defend strict justification proportionality freedoms expressly competence (strikes) legislative vacuum potentially struck express aspect Barnard Baere solve problem; 66 regulatory big argued; gives pause Feenstra’s review 67 Articles TFEU 61 ECJ December un Partneri C-341/05 EU:C:2007:809 Blauberger Union; holds statutory complies transparency predictability emphasized here; (sectoral) commission Ministry Health formally decides 64 Transport Workers’ Federation Finnish Seamen’s (‘Viking Line’) C-438/05 EU:C:2007:772 forthcoming) margin concerning Trade avail derogation “[t]he imposes States’ refusing entrust determining appears Directives partners) attain objectives” Unlike Laval’s conundrum) far resolved appropriate tool ECONOMIC SINGLE MARKET WIDER DEBATE ON SOCIAL DIMENSION 68 parallel announced respond stability-related identified assure initiative obviously stage agenda-setting definitely urgently sketches strengthen dimension: confine countries; EU27 satisfactory lacks analytical clarity Three illustrate ‘overlap’ posting: (moreover interdependent principles); ‘Eurozone’-arguments involved; level-playing (2017b 2017c) playing-field example: se; again playingfield problematic (even feasible dimensions Finally analyses prerequisites guide advocates concur emphasise adds 69 such; neither tied specifically abstract priori subset enhanced variegated CONCLUSION: POLICY POINTERS FUNDAMENTALLY POLITICAL QUESTION mainly flexibility; broader: ‘dual packages’ Rinaldi corollary: overstretching arguments: ‘called for’ expressions ‘need’ ‘necessity’ truly guidance; bothered presence indexation mechanisms); Stabilisation comply: short-term; ‘new’ v (to fight insurance); vi surveillance let (they programme’); re-insurance scenario subsidised) foregoing hands’ correcting adaptation coping shocks) coincide; (following judgment) lingering clarification universality militates markets: coordinating nation union) contributes regulated Unlimited productive imposition blueprint ‘across board’ perceived conceived? ‘a super-state? 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