"It just took a few months, and an unanticipated financial crisis, to wipe out most of the growth and employment benefits generated by the recent “EU2020” strategy. Ill-suited to the current economic environment, the EU2020 strategy must now be complemented by a new “exit” strategy, to lead the Europe Union (“EU”) out of the crisis. Upgrading the current policy instruments will undoubtedly be a daunting challenge. 2010 is expected to be the annus horribilis for employment figures in the EU, and the real impact of the crisis is still to be felt. Months after months, plants are being shut down and firms restructure. Everywhere throughout the EU, unemployment rates surge.
European citizens and companies expect strong reactions from the EU institutions, not only in favour of growth, but also to protect and create jobs. The EU is thus faced with a major opportunity to take the leadership, and demonstrate to citizens and companies that it is up to the challenge. More generally, the crisis is also a critical test for the EU: Is it able to reconcile its traditional economic purpose with the serious social concerns arising from the crisis?"

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