Eurozone crisis has impacted the European economy and the effects are observed in industrial relations. A study conducted by International Labour Organization (ILO) provides latest trends in the employment scenario in EU countries and examines the labour market reforms adopted by various governments. Employment scenario remains dismal in many eurozone nations and millions of jobs may be lost, questioning the primacy of fiscal goals as the backbone of the policy strategy.
Addressing job crisis in eurozone requires repairing the financing system urgently, promoting growth and jobs, taking into account initial country conditions including well-designed investment and income policies, effective employment programmes, and greater policy coordination in the eurozone to support the common currency. A jobs pact is vital for the stability of the eurozone as a single-currency area.
The report shows that by embracing a eurozone growth strategy with jobs at its core, a recovery is still possible within a single-currency setting. Repairing the financial system, promoting productive investment, reinforcing effective employment programmes, maintaining social protection, fostering social dialogue and undertaking job-friendly fiscal plans would bring the eurozone out of the austerity trap and pave the way for a sustainable recovery. Click here to read more...
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