Comparisons and contrasts of the impact of the crisis on euro area labour markets

Bericht

The global financial and economic crisis – including two euro area recessions in 2008-2009 and 2011-2013 – has had a heavy impact on euro area labour markets. A notable feature throughout the crisis has been the considerable degree of cross-country heterogeneity of labour market adjustments – with some economies emerging relatively unscathed, while others have seen steep and persisting increases in unemployment. This paper analyses the impacts of the crisis on euro area labour markets, paying particular attention to the differential impact of the two euro area recessions of the crisis and the interplay of sectoral and institutional features driving labour market outcomes. Despite ongoing structural reforms in some euro area countries, progress has been partial and uneven across the euro area. Further reductions in labour market rigidities are necessary to increase and accelerate the adjustment capacity of euro area labour markets and help reduce the current high levels of structural unemployment.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Occasional Paper ; No. 159

Classification and Topics

• Classification: Wirtschaft ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Labor Economics Policies ; Labor Force and Employment, Size, and Structure ; Labor Demand ; Human Capital; Skills; Occupational Choice; Labor Productivity ; Wages, Compensation, and Labor Costs: General ; Geographic Labor Mobility; Immigrant Workers ; Labor Turnover; Vacancies; Layoffs ; Unemployment: Models, Duration, Incidence, and Job Search
• Subject: employment ; Labour Demand ; Labour Force ; migration ; Skill ; Underemployment ; unemployment ; Vacancies ; wages ; Youth

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Anderton, Robert ; Jarvis, Valerie ; Szörfi, Béla ; Périnet, Mathilde ; Petroulas, Pavlos ; Bonthuis, Boele ; Beck Nelleman, Peter ; Conefrey, Thomas ; Soosaar, Orsolya ; Nicolitsas, Daphne ; Izquierdo, Mario ; Verdugo, Gregory ; Tommasino, Pietro ; Zizza, Roberta ; Guarda, Paolo ; Veiga, Cindy ; Stiglbauer, Alfred ; Maria, José R. ; Micuch, Marek
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/154612
• Last update: 10.03.2025, 11:43 AM CET