Laura Horn: Background Paper: Anatomy of a ‘Critical Friendship’: Organized Labour and the European State Formation

Following extraordinary state intervention in the financial and banking sector in the form of stimulus packages and bailouts, fiscal deficits across the Eurozone have soared, with an average fiscal deficit (as percentage of GDP) of 6.4% in 2009, from 2.1% in the current employment growth rate of just 1% across the G20 is indicative here. As the ILO cautions (2011), at this rate it won’t even be possible to recover the estimated 20 million jobs lost in the G20 since the crisis began in 2008. So who is paying for these government policies across the advanced economies? Based on far-ranging austerity measures and wage depression, it seems that the solutions to the Eurozone crisis will ultimately come at the expense of the employment and living conditions of the European working class. more

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