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The territorial dimension has been at the heart of Cohesion Policy since its inception notably through the concentration of financial resources on the poorest regions with the objective of reducing regional disparities. Programmes have been tailored to regional needs, and the strong territorial dimension of the current ESF is illustrated by the fact that more than two-thirds of ESF Operational Programmes are regional.
Wage moderation should not be pursued as an end in itself – it should be used only where necessary and in a way that contributes to a job-rich recovery. And it must go hand in hand with appropriate policies to ensure that Europeans retain an adequate and decent income to live and to work..
Most economists would agree that the current economic crisis was rooted in unsustainable developments on the global financial markets, weak financial regulation, excessive leverage, an asset price bubble, and has been prolonged through a negative swing in confidence in public finances after governments made substantial fiscal interventions to stabilize their economies.