Disregarding the most recent countries to join the euro area, dispersion of unit labour costs is similar in the euro area and the United States, both before and during the crisis. It is worth noting that both currency areas include regions with persistently above or below average unit labour cost growth.
How to determine an appropriate level of transparency? We wish to provide a system as convenient as Reuters where one can publicize transaction information to the whole market and deal with individual counter-parties through a small window.