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While restructuring is increasingly acknowledged as an inherent characteristic of economic development and receives substantial policy attention at European and Member State level, the regional perspective on it is rarely discussed. However, most large-scale restructurings affect the regions and employment areas where they take place, not just the company and its employees. Based on secondary data analysis, a literature review and five in-depth case studies, this research project aims to identify the effects of large-scale restructuring at regional level. It also describes examples of successful regional management directed at maintaining and improving labour markets and living conditions following an important restructuring event.
According to the 2014 spring forecast from the European Commission DG-ECFIN, ‘the economic outlook is strengthening’ and ‘leading indicators point to GDP growth gaining momentum’. Some measure of modest growth has now returned to the majority of Member States. This issue includes: Macroeconomic trends and prospects; Job creation and job loss at a glance (1/4/14 - 30/6/14); Sectoral distribution of job losses/job gains, and top five cases; Restructuring support measures in focus: Italy; Sector in focus: Retail in the UK; Sector in focus: Healthcare in the Netherlands; Sector in focus: Tobacco.
According to the most recent European economic forecast from the European Commission’s DG-ECFIN, the recovery is broadening, as some measure of modest growth returns to the majority of Member States. DG-ECFIN also points to growing internal consumer demand as the driver of recent growth ‘reducing the dependency of the recovery on the external sector’. This first issue for 2014 includes: Macroeconomic trends and prospects; Job creation and job loss at a glance (1/1/14 - 31/3/14); Sectoral distribution of job losses/job gains, and top five cases; National collective redundancy provisions; Sector in focus: Steep jobs decline in German PV industry; Sector in focus: More jobs losses in financial sector.
Recent months have seen an improvement in economic outlook, a calming of the sovereign debt crisis and a stabilisation of unemployment rates. ECB President Mario Draghi was, however, cautious in his assessment of the emergent European recovery in January, calling it ‘modest’, ‘weak’ and ‘fragile’. This fourth issue for 2013 includes: Macroeconomic trends and prospects; Job creation and job loss at a glance (1/10/13 - 31/12/13); Sectoral distribution of job losses/job gains, and top five cases; Support instruments for restructuring in Greece; Cases in focus: RTVV, Spain - Liepajas Metalurgs, Latvia; Retail sector in focus – Amazon's expansion.
The 2013 annual report from the European Restructuring Monitor (ERM) presents a retrospective of over a decade of measuring the impact of large-scale restructuring activity in Europe. Based on a database containing details of over 16,000 large-scale restructuring events– each generally involving at least 100 job losses or gains – it paints a picture of restructuring trends across the EU Member States. The report sets out to compare activity in the period leading up to the economic and financial crisis (2003–2008) with the post-crisis period (2008–2013), in order to identify changes in restructuring practices and to pinpoint the sectors that have been disproportionately affected, in employment terms, by the global recession. Also included is a critical assessment of all ERM activities, including the two newer policy-oriented databases: public support instruments and restructuring legislation. Finally, the report places the spotlight on the phenomenon of offshoring, charting the decline in offshoring activity by European firms since the onset of the crisis.
Prospects for growth in the EU are improving thanks to the combination of a smaller fiscal drag, stronger external demand and a gradual improvement in private sector lending conditions. The International Monetary Fund (IMF) forecasts that output will increase in the euro zone by 1.1% in 2014 after a 0.3% decline in 2013. This third issue for 2013 includes: Macroeconomic trends and prospects; Job creation and job loss at a glance (1/7/13 - 30/9/13); Sectoral distribution of job losses/job gains, and top five cases; Support instruments for restructuring in Lithuania; Cases in focus: Airline restructuring - Air France and Lufthansa; Sector in focus – The postal services sector.
The objective of the ERM is to monitor restructuring activities in the EU Member States plus Norway. The employment impact of restructuring events is measured on the basis of announcements reported in the daily and business press in each Member State since 2002. Read more on the ERM web pages.
As in the first quarter of the year, the European economic outlook remains uncertain, the current recession being forecast to give way to modest growth in 2014. In June, the ECB revised its forecasts for growth in 2013 down to -0.6%, raising those for 2014 to +1.1%. This second issue for 2013 includes: Macroeconomic trends and prospects; Job creation and job losses at a glance (1/4/13 - 30/6/13); Sectoral distribution of job losses/job gains, and top five cases; Support instruments for restructuring in Croatia; Cases in focus: ERT, Greece and Alpine Bau, Austria; Sector in focus – The construction sector.
Restructuring is part and parcel of the economic fabric in Europe, as companies must adapt to altered conditions in a bid to remain sustainable and competitive. Most of the policy focus so far, however, has been on restructuring in terms of the large firm. In light of the relative importance of the small and medium-sized company (SME) – constituting over 99% of European businesses and about 66% of private sector employment – policymakers at all levels need to understand the specific challenges facing the smaller firm in order to provide appropriate support for this backbone of the European economy.
Based on information derived from 85 case studies across all EU Member States and other sources, the project outlines the features peculiar to SMEs in their anticipation and management of restructuring, explores the main drivers of change and analyses the factors influencing successful restructuring. It offers some insight into how restructuring impacts on workers and the company itself and sets out several policy pointers for future action. This is the country report for Slovenia.