Authors Iain Begg | Gabriel GlÃ¶ckler | Anke Hassel ... - The Europaeum

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commitment for employment”, 18 underlining the need for cooperation between the social partners as well as the governments to protect and promote employment and mobility within and between the member states. Recent reports highlighting the excessive rewards paid to the top management of failing firms has raised public awareness with regard to the issue of income inequality. 19 The discussion about managerial pay as well as who should bear the burden of the crisis and the cutbacks of the economic downturns makes policy actors vulnerable for accepting the fast rising gap between minimum wages and the top 1% of incomes. The debate about the introduction of pay ceilings for bonus payments to managers of firms which rely on government support will give further support for political claims for social equality. The way forward Placing people in jobs certainly remains the most important policy goal when it comes to the social agenda, followed closely by improving jobs and pay for those in work. The increase in in-work poverty was partly prompted by the turn towards activation and higher labour market participation rates in Europe. It is partly connected to the threats and incidences of job relocation in a globalised economy. A European safety net should start by promoting both high employment and high equality. Social equality is a goal in its own right and should not be confused with or replaced by poverty relief. In more equal societies the poor are better taken care of, education levels are generally higher and more opportunities are created. Flexibility will remain on the agenda, since more- not less- structural adjustment will be required in the future. But the security side of flexicurity needs to be spelled out more strongly and institutions and policies fostering security need to be protected and safeguarded. 140 After the crisis: A new socio-economic settlement for the EU
Chapter 10 Rethinking social and regional cohesion: the need for a renewed policy Simona Milio * The EU has long set itself the task of ensuring “economic and social cohesion” among member states – it was first mentioned in the 1957 Treaty of Rome - but the most recent enlargement has given new relevance to this objective. For instance, Luxembourg is seven times richer than Romania, in terms of per-capita income, illustrating huge economic disparity between member states. Even more pronounced differences are evident at a regional level, with the richest region being central London (290% of the EU27’s per-capita income) and the poorest region being north-east Romania (23% of the EU-27’s per-capita income). In addition to regional disparities, social inequalities have also deepened in the enlarged EU, and problems related to growing internal and cultural diversity have become more apparent. The entry of 12 new countries into the EU, all rather ethnically diverse, has reinforced the need for the inclusion and protection of often vulnerable minority groups. The next section starts by surveying today’s frame of reference for “cohesion” in the EU, highlighting the regional emphasis of the EU cohesion policy, as well as the prioritisation of economic inequality at the expense of social cohesion. The paper then narrows its focus on European * The author would like to thank Ms Aurora Cantone and Ms Emelyne Cheney for their valuable advice, suggestions and revisions. The responsibility of the view expressed in this paper lies on the author. Chapter 10 – Simona Milio 141
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Authors Iain Begg | Gabriel Glöckl
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Published in 2009 by Policy Network
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4 After the crisis: A new socio-eco
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6 After the crisis: A new socio-eco
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Simona Milio is associate director
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Chapter 10 Simona Milio ...........
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Before the crash: the EU as a parti
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liberalisation. The City of London
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of the Financial Services Action Pl
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confidence and world trade, to whic
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following the ECJ’s controversial
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signals are in place to promote a n
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need to be constructed to create ac
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or indeed re-impose, what they rega
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Markets with rules The overall conc
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30 After the crisis: A new socio-ec
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Target financial stability The EMU
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Belgium, the Netherlands and Luxemb
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mortgage banks and the insurance se
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financial market rules. The ESFS au
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prudential regulation - though only
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initiatives vis-à-vis ratings agen
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Even if membership in a monetary un
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emained relatively contained to spe
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The second channel of functional sp
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But even so, the depth and intensit
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governance in the EU and the euro a
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in the EU show, authorities at the
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factors will remain prevalent and b
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centralised decision-maker. Similar
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(GNI), the interests of the member
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terms only very slowly and as a per
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policy proposal asks itself what th
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ensure that a ceiling is put on the
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Reform of EU expenditure Spending 4
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The medium-term financial framework
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unanimity. The need to obtain the c
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therefore, was weakening the Europe
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for the signing of the strict and d
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Since then, member states have name
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in the world monetary system. It al
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a Treaty that not only ignores trad
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Page 174 and 175: Chapter 11 1 Victor, D.G. (2006)
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Authors Iain Begg | Gabriel GlÃ¶ckler | Anke Hassel ... - The Europaeum

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