Vítor Constâncio: Nonlinearities in macroeconomics and finance Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the conference on “Nonlinearities in Macroeconomics and Finance”, Frankfurt am Main, 15 December 2014.
As I have argued in other forums, this outcome may well have resulted to an important degree from the particular legal structures and customs that govern labor relations in much of Europe. For example, over the decades, Europe has sought to protect its workers from some of the presumed harsher aspects of free-market competition.