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European union and the economic crisis
It just took a few months, and an unanticipated financial crisis, to wipe out most of the growth and employment benefits generated by the recent « EU2020 » strategy. III-suited to the current economic environment, the EU2020 strategy must now be complemented by a new « exit » strategy, to lead the Europe Union (« EU ») out of the crisis. Upgrading the current policy instruments will undoubtedly be a daunting challenge. 2010 is expected to be the annus horribilis for employment figures in the EU, and the real impact of the crisis is still to be felt. Months after months, plants are being shut down and firms restructure. Everywhere throughout the EU, unemployment rates surge.
European citizens and companies expect strong reactions from the EU institutions, not only in favour of growth, but also to protect and create jobs. The EU is thus faced with a major opportunity to take the leadership, and demonstrate to citizens and companies that it is up to the challenge. More generally, the crisis is also a critical test for the EU : Is it able to reconcile its traditional economic purpose with the serious social concerns arising from the crisis ?
In this context, many questions arise :
- Will the EU endorse a proactive role in relation to employment policy ? Will the Lisbon Treaty have an impact on employment and macro-economic policies ?
- Are national subsidisation measures compatible with the EU rules ? In particular, can the goal of promoting employment place a limit on the application of European state aids rules ?
- What can be the role of the EU in relation to firms' restructuring schemes ? Is the Opel case a good benchmark to assess the EU policy in this regard ?
- What about the consultation and the participation of social partners in restructuring processes ? Has EU law something to say about the dialogue between both sides of the industry ?
- Is the European Globalisation Fund (« EGF ») effective ? Can it help achieve the aims of the EU 2020 strategy ?
These are some of the questions addressed by the authors of this book.
