The economic crisis is a collective action problem. In the absence of currency devaluations and growing budget deficits eurozone governments are faced with the painful social process of competitive wage devaluations. This paper examines the strategic choices facing government and organised...

The current economic crisis has hit all European countries hard, but some are much more severely affected others. The problems manifest in European peripheral countries, especially Ireland, Spain, and Greece, have roots in domestic policy mistakes. However, the European context of these policy...