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Mr. Sakai Ando, Mr. Ravi Balakrishnan, Bertrand Gruss, Mr. Jean-Jacques Hallaert, La-Bhus Fah Jirasavetakul, Koralai Kirabaeva, Nir Klein, Ana Lariau, Lucy Qian Liu, Mr. Davide Malacrino, Mr. Haonan Qu, and Alexandra Solovyeva
In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
Mr. Sakai Ando, Mr. Ravi Balakrishnan, Bertrand Gruss, Mr. Jean-Jacques Hallaert, La-Bhus Fah Jirasavetakul, Koralai Kirabaeva, Nir Klein, Ana Lariau, Lucy Qian Liu, Mr. Davide Malacrino, Mr. Haonan Qu, and Alexandra Solovyeva

with adverse confidence effects and exceptional uncertainty, the repeated lockdowns resulted in a sharp economic contraction—far exceeding that of the GFC—and consequently a significant deterioration in labor markets across Europe. More recently, labor market conditions have improved remarkably rapidly compared to previous economic cycles, with the EU unemployment rate declining to a record low in December 2021, albeit with a high degree of heterogeneity across countries. Labor force participation and employment rates are also at record highs in some countries. In

Mr. Athanasios Vamvakidis

Front Matter Page European Department Authorized for distribution by Luc Everaert Contents I. Introduction II. Wage Bargaining System and Regional Wage Differentiation: What do we Know from the Literature III. Wage Bargaining Centralization and Regional Wage Differentiation in the EU: Empirical Results IV. Conclusions Tables Table 1. Unemployment and Participation Rates in Selected OECD Countries: 1980–2007 Table 2. EU, Unemployment Rate (Regional Coefficient of Variation) Table 3. Collective Bargaining Characteristics of Selected

International Monetary Fund

OECD Countries: 1980–2001 3. Regional Unemployment Rates, 1983–2000 4. EU, Unemployment Rate (Regional Coefficient of Variation) 5. Responsiveness of Regional Employment to Aggregated Shocks: Regressing Regional Employment Growth on Employment Growth in the Rest of Italy 6. Compensation Per Employee and Gross Internal Migration in Selected OECD Countries 7. Gross Nominal Wages in the South Over Total Labor Force, Italy = 100 8. Labor Productivity by Region, 1995–99 9. Collective Bargaining Characteristics of Selected OECD Countries 10. Italy: Regional

Mr. Sakai Ando, Mr. Ravi Balakrishnan, Bertrand Gruss, Mr. Jean-Jacques Hallaert, La-Bhus Fah Jirasavetakul, Koralai Kirabaeva, Nir Klein, Ana Lariau, Lucy Qian Liu, Mr. Davide Malacrino, Mr. Haonan Qu, and Alexandra Solovyeva

2. JRS in Europe in the Initial Phase of the Crisis Table 3. Short-Time Work Schemes in Selected European Countries Executive Summary In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet astonishingly, the EU unemployment rate had already declined to a record low by December 2021, and in some countries the labor force participation rate is at a record high. This departmental paper documents that the widespread use of job retention schemes (JRSs) has played an essential role in mitigating the

Mr. Athanasios Vamvakidis
The theoretical literature has argued that a centralized wage bargaining system may result in low regional wage differentiation and high regional unemployment differentials. The empirical literature has found that centralized wage bargaining leads to lower wage inequality for different skills, industries and population groups, but has not investigated its impact on regional wage differentiation. Empirical evidence in this paper for EU regions for the period 1980-2000 suggests that countries with more coordinated wage bargaining systems have lower regional wage differentials, after controlling for regional productivity and unemployment differentials.
Mr. Athanasios Vamvakidis

.5 74.6 77.4 75.7 76.2 United States 7.2 5.6 4.0 4.6 63.8 66.5 67.1 66.1 Source: OECD, Economic Outlook. Table 2. EU, Unemployment Rate (Regional Coefficient of Variation) 1990 1995 2000 EU 65.5 60.1 65.9 Belgium 43.8 41.1 57.8 Denmark 22.2 28.2 22.5 Germany 43.7 33.1 47.7 Greece 27.4 24.3 17.3 Spain 36.0 28.4 44.0 France 24.8 22.3 29.4 Ireland 12.9 11.8 23.2 Italy 70.8 63.9 75

International Monetary Fund

.8 South (excluding the islands) 6.3 9.9 13.4 15.4 Sicilia 6.1 12.4 15.9 18.8 Sardegna 7.3 9.9 15.3 16.3 Sources: Eurostat Table 4. EU, Unemployment Rate (Regional Coefficient of Variation) 1990 1995 2000 EU 65.5 60.1 65.9 Italy 70.8 63.9 75.3 Belgium 43.8 41.1 57.8 Denmark 22.2 28.2 22.5 Germany 43.7 33.1 47.7 Greece 27.4 24.3 17.3 Spain 36.0 28.4 44.0 France 24.8 22.3 29.4 Ireland 12

International Monetary Fund. European Dept.
This Selected Issues paper takes the case of Slovenia to analyze credit growth and economic recovery in Europe. The findings reveal that following the global financial crisis recovery in Slovenia significantly lags typical postrecession recoveries for both typical and financial-crisis-driven recessions. Credit dynamics have also been much more subdued. Controlling for Slovenia’s double-dip recession and the slowdown in global growth after the global financial crisis reveals that Slovenia’s recovery is not atypical. The cross-country study also finds that bank-specific factors are the key determinants of bank lending. Bank credit to the private sector also has a positive but modest impact on economic activity, mainly through the investment channel.
International Monetary Fund
The Selected Issues paper provides an estimate of the output gap and potential output for Italy, and examines the sensitivity of the results to assumptions regarding employment and productivity growth. The paper focuses on the labor market more directly by examining the linkages between wage bargaining systems, regional wage differentiation, and regional unemployment disparities. It also provides an assessment of the government’s tax reform program, including its potential to increase incentives for employment and investment.