Divided Europe: As some regions thrive, others may never recover
The financial crisis had a long-lasting and deep effect on economic activity and on employment in Europe, with some regions still struggling to see any improvement ten years on. Structural reforms are necessary. But will they happen or could these areas face another lost decade of employment growth?
Executive summary
Ten years on from the financial crisis, the European economy has recovered, but deep scars are still visible at a regional level.
While employment for the European Union is now 2% above the 2008 peak, this is not the case for many local economies.
Indeed, some regions have not even shown signs of bottoming out, with employment still in decline.
This begs the question, what differentiates the winners from the losers and will the next decade be any different?
In this report, we examine why regional employment has been so variable, the likelihood of meaningful reform over the coming years and the risk of a prolonged stagnation.
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