While European governments are actually combating for the survival of the financial system, this report develops a longer perspective.
The recommendations for human resource related policies
for the European financial sector therefore suggest a long-term strategy for skills and competences which is able to reduce the risks of a further replication of such a crisis.
It identifies that human resource policies play a pivotal role in the reform of the financial
systems. The financial sector was obviously unable to establish a sustainable business model and assess risks correctly. This is the responsibility of management and public business regulation. However, it also depends on the deep understanding of the way financial markets function. Employment related policies should therefore address the need for adequate training and increased R&D investments in this sector.
Human capital appears to be the key to restructuring in this sector, and public institutions can raise the pressure on the financial sector to develop a sustainable business model. Education and training is one approach to proceed along this route.
A comprehensive list of recommendations with six headings, has been developed for human resource policies in the European financial services. They address policy actors at European, national and regional level, as well as companies and social partners.