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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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