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New EMU governance: Not (yet) ready for social investment?

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  • Anton Hemerijck

Abstract

Half a decade after the Euro crisis, the European Union (EU) is in dire need of a growth strategy that is – all at once – economically viable, politically legitimate and seen as socially fair. Without a strategic focus on an inclusive labour market, helping to ease the employment transitions for working families, undergirded by a comprehensive safety net and strongly supported by human capital investments from early childhood on, Europe risks becoming entrapped in economic stagnation and political discord. This was the central message of the ‘Social Investment Package’ (SIP), launched by the European Commission in February 2013. The SIP is best read as a strategic vision for welfare state modernization for post-crisis Europe, based on forward-looking social policies to ‘prepare’ individuals and families to respond to the changing nature of social risks in the competitive knowledge economy. The SIP was published in the wake of a major overhaul in EU fiscal surveillance – the Six Pack, Two Pack, and the Fiscal Compact – enacted after the Euro zone sovereign debt crisis of 2010.

Suggested Citation

  • Anton Hemerijck, 2016. "New EMU governance: Not (yet) ready for social investment?," Working Papers of the Vienna Institute for European integration research (EIF) 1, Institute for European integration research (EIF).
    • Handle: RePEc:erp:eifxxx:p0034
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