Le incursioni della BCE sul mercato del lavoro italiano

In the last years, the ECB has tried to encourage reforms of the Italy’s labour market including the increasing use of bargaining at the enterprise level. The aim is to contain the growth of wages and to permit higher productivity growth. However, the ECB did not take into consideration the changes in the real variables. In fact after the euro’s adoption, the growth of real wages was lower than the productivity growth. Furthermore, the current incentives system for the decentralized bargaining, that provides a tax benefit on productivity bonuses, seems to increase the territorial dualism North-South.