Eurofound publishes its work in a range of publication formats to match audience needs and the nature of the output. These include flagship reports on a particular area of activity, research reports summarising the findings of a research project and policy briefs presenting policy pointers from
research projects or facts and figures relevant to policy debates. Also included are blog articles, regular articleson working life in Europe, presentations, working papers providing background material to ongoing or already concluded research, and reports arising from ad hoc requests by policymakers. Other corporate publications include annual reports, brochures and promotional publications. Web databases and online resources such as data visualisation applications are available in Data and resources.
Over the course of 2008 and 2009, the world economy experienced one of the most serious recessions in modern times. In July 2009, 22 million men and women were unemployed throughout Europe, five million more than a year previously. Moreover, the situation may well still have further to play out: experience of previous recessions suggests that the full effect of the downturn upon employment has yet to materialise. Eurofound’s analysis of restructuring and job loss over the past year is collated and reviewed in this, the fourth annual report of the European Restructuring Monitor. Analysing the effects of the recession upon employment, it also looks in detail how particular sectors, countries and occupations have been affected, and examines a range of responses that have been taken to safeguard employment - at the company, Member State and European level.
The collapse of package-holiday giant XL Leisure Group made front-page news in September 2008, with tens of thousands of British holidaymakers stranded in airports across Europe and hundreds of employees made redundant. As the company’s assets were frozen, flights grounded and holidays cancelled, the scale and nature of the meltdown quickly became apparent. Indeed, the operator’s demise was one of the earliest examples of the credit crunch affecting businesses. The size of debt amassed by XL Leisure, its previous failed restructuring, uncontrolled growth and mounting overheads meant that the company had been on the brink of insolvency for some time.
Martinsa-Fadesa is one of Spain’s largest main real estate and construction groups. Formed in 2007 by the merger of the companies Fadesa Inmobiliaria and Martinsa, the company went into administration on 15 July 2008 after failing to service its outstanding debts. Martinsa-Fadesa, created through Martinsa’s debt-financed €3.5 billion takeover of Fadesa in 2007, decided to file for administration proceedings under Spanish law after failing to raise the €150 million of fresh equity needed to complete a €4 billion debt refinancing deal with the banks.
Europe is slowly emerging from one of the deepest recessions on record with the European Commission predicting positive growth in the third quarter of 2009. The third issue for 2009 includes: current macroeconomic trends and prospects; an overview of ERM statistics for July-September 2009; restructuring in the European shipbuilding sector; collective redundancy data: Denmark; restructuring in Cyprus and Malta; restructuring research notes.
BAWAG PSK is an Austrian banking group historically closely aligned with the trade union movement. The bank has faced numerous financial and political challenges in recent years, linked in a number of cases to unsound financial investments leading to significant exposure to failed or struggling US financial institutions. Having previously been owned by the Austrian trade unions and therefore carrying strong political and symbolic significance, this has arguably affected its approach towards restructuring. Workforce restructuring has taken place in a way that has avoided compulsory redundancies, but instead focused on retraining and early retirement measures.
This report aims to compare EGF experiences in two countries: Germany and Finland. In both countries, changes in market patterns have affected mobile phone and component manufacturers, with BenQ in Germany and Perlos in Finland shifting production from Europe to low-cost countries in Asia with resulting large-scale factory closures and thousands of workers losing their jobs. The purpose of this case study is to explore the support measures implemented as a result of EGF intervention and the added value of the EGF in these two cases.
As European economies slide into recession, companies face increasing financial difficulties as sales decline and prospects for a quick recovery recede. Consequently, a growing number of businesses are coming under threat, putting the jobs of more workers at risk. Already across Europe many companies have closed or reduced their scale of operations substantially and many jobs have been lost. This report examines the various measures being taken by governments and trade unions in different countries to try to maintain jobs, or at least to moderate the losses that occur.
As one of the largest sectors of economic activity in Europe, construction has been hit hard by the onset of the economic recession. This report reviews recent developments in the construction sector in the majority of EU27 Member States – except France, Hungary and the Netherlands – as well as Norway.
A key element of European policy is the emphasis on boosting employment and maximising its quality – creating ‘more and better jobs’ – with a view to shaping a competitive, knowledge-based economy. Over the period 1995 - 2006, considerable growth in employment took place in most European countries. This report seeks to determine if those jobs created were also of better quality. It analyses the level of employment growth across the wage spectrum in each Member State by sector, occupation, type of contract, and gender.
This report from the European Restructuring Monitor (ERM) looks at recent developments in the construction sector in different European countries. It highlights the way in which the sector is being affected by the current downturn, and how companies have responded to the crisis. The study also reviews the measures being taken by governments to alleviate the consequences of the downturn on both companies and workers.