While more open trade leads to more overall benefit for growth and jobs, the EU recognises that, although European labour markets are usually capable of coping with globalisation, the consequences can also be negative e.g. job loss. In exceptional circumstances, specific support may be needed to deal with the situation.
The EGF is a new tool to help do this and is an expression of European solidarity with the people affected. What's been described as an economic shock absorber, the EGF will provide up to 500 million euros a year for those directly affected by job ...
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