This article compares two systems of labour market governance: regulation by means of employment standards, and norms that are established in collective bargaining. A comparative framework draws nine criteria, spanning procedural and substantive dimensions, and emphasises the degree of integration between the systems, or “coupling.” The study uses Israel’s response to the COVID-19 crisis as a case study, drawing on a unique dataset of all regulatory provisions and collective agreements concluded from March 2020 to December 2021, supplemented by interviews with key actors. In the public sector, strong coupling was achieved through coordinated regulatory and bargaining processes, resulting in more adaptive, legitimate, and effective governance. In contrast, the private sector exhibited loose coupling, marked by fragmented bargaining and limited regulatory engagement, which undermined coordinated responses to labour market disruptions. The study concludes that tight coupling enhances governance outcomes, especially in times of crisis. It argues for greater attention to the substance of collective agreements and the interaction between governance systems. While the findings are context-specific, the proposed analytical framework offers broader applicability for comparative labour law and policy.