Les Cahiers Irice 11 (May 2014)
This issue of Les Cahiers Irice tackles from a historical perspective the internal imbalances within the Eurozone that appeared in 2010. The focus is on Greece, Italy, France, Spain, and Portugal. Whereas their ties with the recession-plagued US economy were small, these countries have all gone through severe economic problems following the US financial crisis of 2007 and 2008. To explain this situation, many commentators have put forward the rigid monetary framework of the Eurozone. The historians who contributed to this issue examine the rules governing employment in Mediterranean European countries to explain their monetary policy preferences in times of recession. They show the formation over the past half-century of a specific regime between employers, local workers, and immigrants, resulting in sticky wages and explaining the difficulties of these countries to cope with a recession in a fixed monetary framework. Les Cahiers Irice is the journal of the Sorbonne research centre on twentieth-century European history.