The 2008 economic crisis, caused largely by unregulated and often unlawful banking and financial gambling and speculation, left an ongoing legacy of depression, unemployment, hardship, poverty and social upheaval. It led to cuts in wages, job losses, and the destruction of well-established systems of social dialogue between governments, employers and trade unions. Secure jobs have turned into precarious contracts, public services and social protection have been slashed, and the backlash has unfairly targeted migrants and other vulnerable groups in society.
Structural reforms alone will not remedy the problems. The ETUC has called for a New Path for Europe, with investment of 2% of GDP over 10 years, to bring new jobs and secure growth.