The dominant literature on the development of the EU's new economic governance regime suggests that it constitutes another step towards integration in the European fiscal policy framework. However, I argue that this limited view neglects the politics of labour that underlies European monetary integration. In the euro area competitiveness adjustment is promoted, which means in practice fostering and facilitating the confrontation of workers by employers in order to keep unit labour costs down. The new economic governance reforms consistently reinforced this policy-making logic. Its central innovation was the systematization and 'hardening' of the macroeconomic surveillance framework beyond fiscal policy, which created new competences at the EU level to intervene in national labour market policies, including wages. This is what is actually new about the new economic governance; marking a recent key moment in European monetary integration and reinforcing the politics of labour underlying it.

中文翻译：

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构成欧洲货币一体化基础的劳工政治

关于欧盟新经济治理制度发展的主流文献表明，它构成了欧洲财政政策框架一体化的又一步。然而，我认为这种有限的观点忽视了作为欧洲货币一体化基础的劳工政治。在欧元区，促进了竞争力调整，这意味着在实践中鼓励和促进雇主之间的工人对抗，以降低单位劳动力成本。新的经济治理改革不断强化这种决策逻辑。它的核心创新是在财政政策之外对宏观经济监督框架进行系统化和“强化”，这在欧盟层面创造了干预国家劳动力市场政策（包括工资）的新能力。这实际上是新经济治理的新内容；标志着欧洲货币一体化最近的一个关键时刻，并加强了其背后的劳工政治。