It all started in the summer of 2007 when a crisis hit the...

It all started in the summer of 2007 when a crisis hit the U.S., and because of the huge government interventions that were made, the U.S. and most European countries got into a recession. The EU crisis was also caused by big debts made mostly in Spain and Italy, before 2008. The private sectors (companies and mortgage borrowers) who were taking out loans were the main reason for this crisis. There was a decrease in the interests rates in southern European countries when they joined the euro and that resulted and caused the countries to go into a huge debt. This had negative effects on the financial markets, a slowing down of the economic growth in the industrialized countries, and impacted the European labor markets. After the Second†¦show more content†¦But during the period in which the European labor market struggled with the EU crises, many people were left unemployed and faced many problems which were involved with their working conditions, and some are even struggling with this same problem today. The EU crisis influenced the European labor market in many ways. Some of the effects of the economic crisis on the labor market are: the crisis mainly affected paid employment, a substantial increase in part-time employment, it affected the construction and industry, and it had a high impact in the private sector. Paid employees and people working as assistants in family enterprises are the ones who were hit by the crisis the most. Between 2008 and 2009 paid employment decreased by 1.8% (or 52,281 people) and about 4,391 men who were employed as assistants in family businesses lost their jobs. But on the other hand, there was a 1.2% increase of self-employed people without staff (about 3,697 women). But even though the women’s unemployment rate is higher, the young men were mostly affected by the crisis and resulted in very high unemployment. The crisis affected a decrease in the permanent and full-time paid employment, while there has been an increase in fixed-term and part- time employment. Between 2008 and 2009 permanent employment decreased by 2.5% (which mostly affected men) and full-time employment decreased by 2.8% which was mainly caused by the 4.1% decrease inShow MoreRelatedEssay on Impact of the Financial Crisis on Banking Sector2009 Words   |  9 PagesImpact of the Financial Crisis on Banking Sector The current financial crisis, which started in the Unites States, has dominated the headlines all around the world since summer 2007. The world has been experiencing one of the most severe crises such as the Great Depression from 1929. This started as a subprime crisis with problems in the subprime mortgage market in the USA in 2007 which spread throughout the world. 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