EU – Baltic States, Financial Services, Funds, Good for Business, Markets and Companies, Modern EU

More open global trade (called globalisation) has led to certain benefits for growth and employment; however, the process caused loss of jobs, particularly in vulnerable sectors and among lower-skilled workers.

The Commission set up in 2007 a special fund to help those adjusting to the consequences of changing trade patterns for redundant workers.

During about ten years, the fund received 147 applications; some €600 million has been requested to help about 137,600 workers and 2,944 not in employment, education or training (so-called NEETs). During 2015-16, the fund provided assistance to about 20 thousand redundant workers and 1,251 young people in NEETs. The EU contribution amounted to more than €70 million and was matched by another €48 million from national resources. Some 11 EU states requested assistance from the fund: Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Poland, Spain and Sweden.

Commenting on the tenth anniversary of the Globalisation Adjustment Fund, European Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen, underlined that the EGF demonstrated its importance in helping redundant workers and those have difficulties to find a new job. 

EGF’s achievements

The labour market situation in some EU states was particularly challenging in recent years: massive lay-offs occurred in states already suffering from unemployment. Many supported workers were low-skilled or had other disadvantages as jobseekers. The EU funding, such as the EGF, made a difference, especially for the most vulnerable people in the states. Besides, employability and self-confidence of the workers concerned had visibly improved thanks to the Globalisation Adjustment Fund assistance and services. 

The Baltic States shall use the EU’s assistance

The European Globalisation Adjustment Fund provides funding for concrete measures to help dismissed workers improve their employability and find new job opportunities.

It finances measures tailored to the specific circumstances of each worker concerned, such as:

·         intensive, personalised job-search assistance;

·         various types of vocational training, up-skilling and retraining measures;

·         temporary incentives and allowances for the duration of the active measures;

·         support for business start-ups, and

·         mentoring throughout the process.

The Baltic States shall be more active in reducing unemployment: only Estonia has been using the EU’s financial assistance through “globalisation adjustments”.

More information in: = EGF website; general reference at:

http://europa.eu/rapid/press-release_IP-17-4244_en.htm?locale=en; = Latvian version in:

http://europa.eu/rapid/press-release_IP-17-4244_lv.htm