Module 1 Identifying & overcoming challenges & obstacles

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Unit 2 Understanding the forces shaping the European Union economy and job market

Module 1 Identifying & overcoming challenges & obstacles Unit 2 Understanding the forces shaping the European Union economy and job market
  • The European economy operates as a single market between the 27 member countries of the European Union (EU),
  • The EU’s main economic engine is the single market which enables most goods, services, money and people to move freely,
  • In 2019, the total value of all goods and services produced or the European Gross Domestic Product (GDP), was €16.4 trillion (in 2019 the UK was still part of the EU),
  • The EU is one of the 3 largest economies in the world, along with the United States and China,
  • The EU is home to 447 million people, living in its 27 member countries (2020 figures),
  • The EU presents numerous careers and business opportunities European citizens can exploit,
  • According to Eurostat (2020 figures):
    • The employment rate as a % of the population between the ages of 20-64 years, is at 72.4%,
    • The unemployment rate as a % of the active population aged 15 to 74 years is at 7.2%.
  • The free movement of workers is one of the four freedoms enjoyed by the citizens of the European Union.
  • While certain restrictions apply for the public service sector, this freedom, enshrined in Article 45 of the Treaty on the Functioning of the European Union, includes:
    • the rights of movement and residence for workers,
    • the rights of entry and residence for family members, and
    • the right to work in another Member State and be treated equally with nationals of that Member State.
  • Despite the above freedom, only 3% of Europeans live and work in a different Member State than their country of origin,
  • The European Labour Authority (https://www.ela.europa.eu/en) is the dedicated agency responsible for the free movement of workers, including posted workers,
  • The EU economy is a service-based economy, with 72.9% of the population employed in the service sector.
  • Industry and agriculture are also major contributors to employment, employing 22.5% and 4.5% respectively,
  • SMEs employ 64.9% of the EU labour force and large enterprises 35.1% of the labour force,
  • The EU aims for more and better jobs. The EU’s employment and social affairs policies are specifically designed to:
    • create quality jobs throughout the EU;
    • help workers to find jobs in their own or another EU country;
    • promote skills and entrepreneurship;
    • coordinate and modernise social security schemes;
    • create better working conditions through common minimum standards;
    • support social inclusion and combat poverty; and
    • protect the rights of people with disabilities.
    • Source: https://op.europa.eu/webpub/com/eu-what-it-is/en/#chapter2_7
  • The European Union is seeking to support its citizens through the European employment strategy (EES), which dates back to 1997, with its main aim “the creation of more and better jobs throughout the EU”.
  • The European Union has updated its strategy to Europe 2020, a ten-year strategy for smart, sustainable and inclusive growth.
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