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Theoretical and Applied Economics
No. 6 / 2014 (595)

The impact of the current financial and economic crisis on the European labor market – an approach based on a new paradigm in the labor field

Bogdan JIANU
Bucharest University of Economic Studies, Romania

Abstract. In this article I followed two directions simultaneously. The first direction analyzes the structure of the European labor market, the evolution of the unemployment and the relationship between the labor market and globalization in the economic downturn context. The second one evaluates the financial and economic crisis’s consequences on international migration to and from Europe and on occupational mobility within the European Union. Overall, while taking advantage of free movement, migrants appeared from extension of the European Union represent a flexible and valuable resource that can act as a buffer during economic imbalances. Repeated migration is expected to reduce the negative impact of the crisis, leading to brain circulation rather than brain drain and a more efficient allocation of resources within the European Union. Labor market starts to recover slowly after a huge drop in economic activity, but yet in the context of economic growth, the unemployment rate remains low (especially among youth) compared to pre-crisis level of this indicator.

The purpose of this paper is to highlight the need for improved employment policies, by creating more and better jobs, while providing an appropriate response to the challenges of demographic aging and of the intensified global competition within a new paradigm of the economy of knowledge.

Keywords: EU labor markets, EU enlargement, labor mobility, economic crisis, migration, youth unemployment.

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