EUROPEAN LABOUR MARKETS CHALLENGES IN THE CONTEXT OF THE „EUROPE 2020” STRATEGY

Abstract

The article studies the crisis’ effects on the development of labour markets in Europe and in Bulgaria, in particular. It outlines the strong decrease in labour demand and high unemployment in a considerable part of the member-countries as well as the decrease in households’ incomes and the standard of living dynamics. The increased pressure on public finances under crisis conditions encounters their restricted opportunities, additionally limited by the strict fiscal consolidation carried out. The active labour market policies carried out manage partially and temporary to compensate for the negative effects of the crisis, and the success of macroeconomic growth policies is minimal. The desired structural reforms do not succeed in acquiring sufficient speed to provide the labour productivity dynamics and to achieve „smart, sustainable and inclusive growth”. All this gives rise to challenges facing the European Strategy 2020 goals and calls for reviewing the managerial and financial mechanisms, triggered for its achievement