Aggregate Wage Flexibility in Selected New EU Member States 11
Figure 3: Real Wages and Productivity, 1995-2004, quarterly
CE-4 ERM-II EU
I — PROD CZ — WR-CZ∣
|—PROD ES --WR ES]
|—PROD AT — WR-AT]
|—PROD HU — WR-HU^]
|—PROD GR — WR GR
|—PROD PL — WR-PL∣
|—PROD PT —WR PT
|—PROD SK — WR SK|
| —PROD SL — WR SL|
Note: Real wages WR = WN/CPI; productivity PROD = GDP/Employment.
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