The underlying conditions in the European and US labour markets were similar, but the type of support had vastly different effects on the unemployment statistics. More importantly, the gulf between the policy approaches will have meaningful and lasting economic effects.
In that case, we need to support workers rather than jobs, helping them find alternatives rather than simply waiting and hoping that their old jobs come back. The US strategy now seems preferable. Europe, meanwhile, should now begin to switch away from keeping people attached to jobs that will not return quickly and towards supporting workers find new employment.
This was not to cut costs, the international organisation emphasised. Rather, governments should be seeking to give people the best possible chance at maximising their earnings over time by helping them find new roles now.
Source: News Formal (newsformal.com)
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