Similar results, based on a different source of data, are reported in Mary Daly, Bart Hobijn, and Brian Lucking (2012), “Why has Wage Growth Stayed Strong?” Federal Reserve Bank of San Francisco, FRBSF Economic Letter 2012-10, April 2.
And it follows from this that we need a higher degree of institutional convergence in the structural domain as well. So what does this mean in practice? Up to now, we have employed two different methods of economic governance in the EU. In some areas, we have given European institutions executive power.